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Reliance, Jio raise $5 bn

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New Delhi, April 5

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Reliance Industries Ltd (RIL) and its telecom arm Jio Infocomm have raised a total of $5 billion in back-to-back foreign currency loans, the largest syndicated loan in India’s corporate history, sources said.

Reliance last week raised $3 billion from 55 banks and Reliance Jio Infocomm secured additional credit of $2 billion from 18 banks, sources aware of the development said. The $3 billion financing closed on March 31 and the add-on facility of $2 billion was secured on Tuesday, they said.

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Reliance will mainly deploy the funds raised towards its capital expenditure, while Jio would put the money to finance its nationwide 5G network rollout. The $2 billion add-on will be split equally between Reliance and Jio and is likely to be wrapped up by the end of April, they said.

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