{"id":125654,"date":"2019-07-02T12:50:35","date_gmt":"2019-07-02T12:50:35","guid":{"rendered":"https:\/\/www.bnreport.com\/reliance-jio-set-to-raise-500-million-in-overseas-loans\/"},"modified":"2019-07-02T12:50:35","modified_gmt":"2019-07-02T12:50:35","slug":"reliance-jio-set-to-raise-500-million-in-overseas-loans","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/reliance-jio-set-to-raise-500-million-in-overseas-loans\/","title":{"rendered":"Reliance Jio set to raise $500 million in overseas loans"},"content":{"rendered":"

Mumbai: Jio<\/a> is set to raise about $500 million (Rs 3,500 crore) in fresh overseas borrowings as Indias newest phone company doubles down on optic-fibre expansion to back up its home broadband entry and prepares for upcoming spectrum sales.<\/p>\n

A group of Asian banks is managing the process along with others, said three people with the knowledge of the matter. Jio is a unit of Reliance Industries<\/a> (RIL), which is also raising money through this route. \u201cThe proposed fund-raising is in the process simultaneously with RILs syndicated loan of $1.85 billion,\u201d one of the people told ET.<\/p>\n

The Jio loans could have a tenor of five-and-a-half years and be priced at 130-140 basis points over the London Interbank Offered Rate (Libor), the people said. The measure is now at 2.32 per cent. A basis point is 0.01 percentage point.<\/p>\n

\u201cThis makes sense where one can borrow from global markets at 2-3 per cent compared to the domestic market where the interest rate is 10 per cent \u2014 this makes for cost arbitrage,\u201d said an analyst at a Mumbai-based brokerage.<\/p>\n

Attempts to Pare Debt<\/strong><\/p>\n

RIL is raising $1.85 billion (Rs 12,840 crore) in fresh overseas loans in largest fund-raising exercise this fiscal year by an Indian corporate house. ET was the first to report on RILs plans on June 21.<\/p>\n

A group of about three dozen banks is helping both the companies in the fund-raising. Most of the lenders are from Asia, the people said.<\/p>\n

The investment banks involved include Bank of China, Sumitomo Mitsui<\/a> Banking Corp, Development Bank of Japan, DBS, HSBC<\/a>, JPMorgan, Barclays and First Abu Dhabi Bank. They could not be reached immediately for comment.<\/p>\n

RIL didnt respond to queries.<\/p>\n

\u201cVodafone Idea and Bharti Airtel have raised money and Jio too needs funds infusion for its fibre rollout plans and the upcoming 5G spectrum auction,\u201d said a leading telecom analyst. \u201cEven if the prices for spectrum get tempered, the war chest needs to be ready.\u201d<\/p>\n

Rivals Vodafone India<\/a> and Bharti Airtel recently raised Rs 25,000 crore each via rights Issues. Bharti Airtel raised a further Rs 7,000 crore via a bond sale.<\/p>\n

Jio is expected to roll out its fibre-to-the-home (FTTH) broadband service later this year and will also be the strongest contender for spectrum during the 4G and 5G auctions expected by December.<\/p>\n

The fund-raising plan follows reports of RIL planning to infuse as much as Rs 20,000 crore into Jio to bolster its broadband and ecommerce pRead More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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Mumbai: Jio is set to raise about $500 million (Rs 3,500 cro..<\/p>\n","protected":false},"author":1,"featured_media":125655,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-125654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nReliance Jio set to raise $500 million in overseas loans - Business News Report<\/title>\n<meta name=\"description\" content=\"Mumbai: Jio is set to raise about $500 million (Rs 3,500 cro..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/reliance-jio-set-to-raise-500-million-in-overseas-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reliance Jio set to raise $500 million in overseas loans - 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