Reliance Jio to raise $1.5 bn to refinance loans

Reliance Jio Infocomm, the telecommunications arm of Reliance Industries Ltd, will raise $1.5 billion from 26 banks to refinance loans it took up in 2010, the company said in a statement late on Monday.

The refinancing comprises $1 billion with a total maturity of 5.5 years, and $500 million, with a total maturity of 7 years, the company said.

In September, Reliance Jio had said it had raised a $750 million loan from Korea Exim Bank to finance the purchase of telecoms infrastructure from Samsung Electronics.

Reliance has said it will invest over $11 billion for its 4G telecoms service as the business beefs up infrastructure ahead of a nationwide rollout next year.

Reuters

Disclosure: Network 18, which publishes Firstpost and Firstbiz, is part of the Reliance Group

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Updated Date: Nov 18, 2014 10:39:18 IST