New Delhi: Telecom arm of RIL, Reliance Jio Infocomm on May 13 said it has raised a USD 750 million (nearly Rs 4,500 crore) loan that will be used to finance goods and services from Samsung Electronics and Ace Technologies Corp, which are being tapped for its infrastructure rollout.
"Reliance Jio Infocomm Limited has signed a USD 750 million loan backed by Korea Trade Insurance Corporation (K-sure) on May 7, 2015. The loan is guaranteed by RIL and will be primarily used to finance goods and services procured from Samsung Electronics and Ace Technologies Corp, which are being sourced for the infrastructure rollout of RJIL," RJio said in a statement.
The loan has 12 years of repayment time. This is the first facility by K-sure with RJio and its largest deal in India, but is the second facility by K-sure with the Reliance Group - including RIL and RJio - the statement said. This marks the second round of financing for RJio from Korean export credit agencies (ECAs) and the third overall between the group and Korean ECAs in three years, highlighting growing business with Korean organisations.
The facility is funded by nine relationship banks of Reliance, including The Hongkong and Shanghai Banking Corporation, Australia and New Zealand Banking Group, Banco Santander SA, The Bank of Tokyo-Mitsubishi UFJ, JPMorgan Chase NA, Mizuho Bank, and Sumitomo Mitsui Banking Corporation, ING Bank and DZ Bank AG.