Corporate giant Reliance Industries' Chief Mukesh Ambani today announced that the company would become debt-free in the current financial year.

Announcing a bullish stance on the company's financial position, the Chairman and MD said that RIL would become debt-free on a net basis in the current 2011-12 fiscal.

RIL had outstanding debt of Rs 67,397 crore (USD 15.1 billion) as of March 31, 2011, as against Rs 62,495 crore (USD 13.9 billion) a year ago.

At the same time, RIL had cash and cash-equivalents of Rs 42,393 crore (USD 9.5 billion) as on March 31 this year, which was nearly double the level seen a year ago.

These were mainly in fixed deposits, certificate of deposits with banks, mutual funds and government securities/ bonds.

Addressing the company's shareholders at its 37th AGM here, Ambani said that RIL's enterprise value stood at about USD 75 billion. (PTI)