Wednesday, October 4

Reliance Jio Takes Loan of Rs 3250 crore from Japanese Banks

Reliance Jio, the telecom operator recently raised funding worth Rs 3250 crore as Samurai term loan from Japanese banks. A samurai loan is a low interest loan from Japanese investors and this deal with Reliance Jio represents the largest samurai loan an Asian company ever signed.

A statement released from Reliance Jio read, “Reliance Jio Infocomm Limited has signed an approximately JPY 53.5 billion samurai term loan with 7 year bullet maturity, The facility is guaranteed by Reliance Industries Limited and will be used for funding RJILs ongoing capital expenditure.”

“The facility has been fully underwritten by Mizuko Bank Ltd, MUFG Bank Ltd, and Sumitomo Mitsui Banking Corporation Singapore Branch and will be shortly launched into syndication,” the statement added.

Last month, the board of directors of the telecom company authorized the company to raise around Rs 20,000 crore of debt funding. Over the last 2 years, the telecom giant poured over Rs 2 lakh crore in the mobile industry, consequently disrupting the whole sector and presently boasts over 168 million subscribers in India.

The firm, led by India’s richest Mukesh Ambani also undertook the acquisition of the mobile business assets of the company ran by his younger brother Anil Ambani , Reliance Communications, for Rs 25,000 crore.

The 4G mobile service provider announced that the company is now all set to bring a major innovation in the country by bringing the 5G and 6G technology and their systems and packages will be upgraded to accommodate these technologies.

“Jio will bring transformational changes in the Indian digital services space to enable the vision of Digital India for 1.2 billion Indians and propel India into global leadership in digital economy,” said the statement released.