Reliance raises USD 1.85 billion in long-term loan

NEW DELHI: Oil-to-telecom conglomerate Reliance Industries (RIL) Tuesday said it has signed pacts with overseas lenders to avail long-term loans of USD 1.85 billion (about Rs 12,900 crore) to finance its capital expenditure.

The fund raising comes amid reports of the company planning to infuse as much as Rs 20,000 crore into its telecom unit, Jio, to bolster broadband and e-commerce play ahead of a potential entry into 5G mobile telephony services in future.