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Reliance Jio To Secure Rs. 32.5 Billion Funding From Japanese Banks
In a late night statement on Friday RJIL said, "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 RJIL's ongoing capital expenditure".
The company has inked an agreement with Japanese banks to secure a funding worth Rs. 32.5 bn or Rs.3250 crore) as samurai term loans. The loan value considering the exchange rate of 60 paise per Japanese yen comes at appx Rs 32.48 billion (Rs 3,248 crore).
As per the release by the company, the deal is among the largest financing deal of this nature (samurai loan secured at low interest rates from Japanese investors) that is extended to an Asian corporate.
The company said, "The facility has been fully underwritten by Mizuho Bank, Ltd, MUFG Bank, Ltd and Sumitomo Mitsui Banking Corporation Singapore Branch and will be shortly launched into syndication".
The board of the company last month approved debt raising plan for as much as Rs. 20,000 crore. In its mobile business, the company deployed a sum of Rs. 2 lakh crore which benefitted with a consumer base of 168 million.
The company will also buy into the mobile business assets of RCom for as much as Rs. 25,000 crores. Affirming the company's technological forte, the company said that it is future-ready to support more data as technological advances happen to 5G, 6G and beyond.
With PTI Inputs
