Reliance Jio: 26 banks rush to sign syndicate loan pacts to the amount of $1.5 Billion

By November 18th, 2014 AT 3:55 PM

Reliance JIO Infocomm Logo_bigReliance Jio Infocomm has planned to raise $1.5 billion from 26 banks to refinance loans it took in 2010. According to the company, the refinancing comprises $1 billion with a total maturity of 5.5 years, and $500 million, with a total maturity of 7 years.

During 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.

Adding on, 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.

Also Read: 20% fall in data tariffs expected due to Reliance Jio’s entry.

The banks which joined in syndication are Abu Dhabi Commercial Bank, Societe Generale SA, Sumitomo Mitsui Trust Bank, Limited, Singapore Branch, Land Bank of Taiwan, Singapore Branch, Mega International Commercial Bank Co., Ltd., Offshore Banking Branch, Bank of Taiwan, Singapore Branch, CTBC Bank Co., Ltd. Singapore, The Iyo Bank, Ltd. and The Hyakujushi Bank, Ltd.

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