Ambani’s Jio in talks to raise about $1.6 billion for equipment from Nokia Oyj

India’s Reliance Jio Infocomm Ltd. is in talks to raise a loan for about $1.6 billion to fund the purchase of equipment from Nokia Oyj, according to people familiar with the matter.

Banks involved in the discussions with billionaire Mukesh Ambani’s telecoms company include Citigroup Inc., HSBC Holdings Plc. and JPMorgan Chase & Co., said the people, who asked not to be named because the matter is private. The loan will likely have a maturity of as much as 15 years and will be priced over the Secured Overnight Financing Rate, they said.