Reliance Jio Secures Rs 16,640 Crore Offshore Loan for FY24

Reliance Jio Infocomm has successfully raised Rs 16,640 crore (approximately $2 billion) in offshore loans for the financial year 2023-24, marking one of the largest such deals in the country. The funds are earmarked primarily for equipment procurement from Finnish telecom giant Nokia, with HSBC acting as the lead arranger.

Finnish credit agency Finnvera has also provided coverage for a similar amount to insure Nokia, a move expected to reduce Jio's 5G equipment funding costs.

The loan, structured with an implied interest rate over its tenure, was finalized after extensive discussions with HSBC. In September, Jio secured nearly $2 billion from BNP Paribas for 5G equipment acquisition from Ericsson.

Jio's annual report unveiled a partnership with Swedish credit agency EKN, securing $2.2 billion for 5G equipment and services. According to Telecom Regulatory Authority of India (Trai) data, Jio added 3.9 million mobile users in July, surpassing Airtel's 1.5 million additions. Jio's subscriber market share for July stood at 38.6 percent, while Airtel held 32.7 percent.