Reliance Jio raises $1b term loan from Korea Trade Insurance

Reliance Jio. Photo: Livemint

Reliance Jio (RJio), the telecommunications arm of Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has raised a $1 billion equivalent term loan facility from Korea Trade Insurance Corp. (K-SURE) to finance the procurement of goods and services from Samsung Electronics and Ace Technologies, the company said in a stock exchange filing on Monday.

“The facility has door-to-door tenor of 10.75 years,” RIL said. “The facility is K-SURE’s largest deal in India as well as the largest deal supported by K-SURE in the telecom sector, globally.”

The loan was arranged by Australia and New Zealand Banking Group Ltd and The Hongkong and Shanghai Banking Corp. Ltd. It also saw the participation from banks including BNP Paribas, Commerzbank AG, Citibank N.A., ING Bank, JPMorgan Chase Bank, Mizuho Bank Ltd, MUFG Bank, Ltd and Banco Santander, S.A.

In May, Mint had reported that RIL is likely to invest Rs60,000 crore into its telecom unit this fiscal year as it sought to speed up the roll out of its broadband services and expand its wireless network. Besides, Reliance Jio Infocomm Ltd may also borrow Rs1 trillion.

This article was first published on livemint.com.