Reliance, Jio raise $5bn in largest syndicated loan in India

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

Reliance last week raised USD 3 billion from 55 banks and Reliance Jio Infocomm secured additional credit of USD 2 billion from 18 banks, sources aware of the development said.

The USD 3 billion financing closed on March 31 and the add-on facility of USD 2 billion was secured on Tuesday, they said.

Reliance will mainly deploy the funds raised towards its capital expenditure, while Jio would put the money to finance its nationwide 5G network rollout.