Reliance Jio Sign deals with Japanese banks

Telecom Operator Reliance Jio has signed an agreement to raise Rs 3,250 crore as a Samurai term loan from different banks of Japan. Giving details of the agreement, the company said, “Reliance Jio Infocom Limited has signed a Memorandum of Understanding for taking a samurai term loan of 53 billion with bullet maturity of 7 years. For this, Reliance Industries has guaranteed it and it will be used in Jio’s capital expenditure.

Now the price of a Japanese yen falls around 0.60 Rs. In this sense, the total amount of loan is around Rs 3,248 crore. The company has informed in its statement that it is the largest amount given to any Asian corporate as a samurai loan. Reliance Jio said that it has reached an agreement with the Mizuho Bank Limited, MUF Bank, and Sumitomo Mitsui Banking Corporation, with the term loan.

Last month, the Reliance Jio Board had approved a loan of Rs 20,000 crore. Let me tell you that Jio has invested 3 lakh crores in its mobile business and Mukesh Ambani’s company is going to invest Rs 25,000 crores to buy his brother Anil Ambani’s mobile business assets.

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