Jio, the telecom division of Reliance Industries Ltd., is reportedly in discussions to raise up to $2 billion in offshore loans, with BNP Paribas serving as lead arranger, to finance the country’s 5G network expansion.
Jio will repay Ericsson, BNP, and a few other banks over a nine-month period with the help of $1.9 billion to $2 billion from BNP Paribas.
The change occurred after Jio and EKN agreed to a $2.2 billion loan to finance the services and equipment needed for its 5G expansion.
Jio, the telecom division of Reliance Industries Ltd., is reportedly in discussions to raise up to $2 billion in offshore loans, with BNP Paribas serving as lead arranger, to finance the country’s 5G network expansion.
According to sources cited by ET, the telecom giant is likely to buy 5G equipment from Swedish telecom giant Ericsson, and the loans would be used to pay for this purchase.
