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Jio plans to raise Rs 32.5 bn from Japan's MUFG, Mizuho and Sumitomo Mitsui

The source did not mention the timeline for raising the loan from Japanese banks

Press Trust of India  |  New Delhi 

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Telecom operator is learnt to be in talks with three Japanese banks to raise $500 million (around Rs 32.50 billion) in

"is in discussion with MUFG (formerly The Bank of Tokyo-Mitsubishi UFJ) , Mizuho Bank and Sumitomo Mitsui Banking Corporation to raise $500 million," sources in the know of the development told PTI.

An e-mail query sent to the company seeking a response remained unanswered.

Last month the board had approved raising of around Rs 200 billion in The company has invested over Rs 2 billion in the mobile business which has garnered over 168 million customers.

The Mukesh Ambani firm has also signed agreement to buy mobile business assets of Reliance Communications-- the company led by his younger brother Anil Ambani, for around Rs 250 billion.

The source did not mention the timeline for raising the loan from Japanese banks and said, "The agreement is yet to be signed.

First Published: Fri, April 13 2018. 16:34 IST
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