Reliance Jio raises $1.5 billion to refinance loans

It had raised $750 mn from Korea Exim Bank in Sept

Reliance Jio Infocomm, the telecommunications arm of Reliance Industries Ltd, will raise $1.5 billion from 26 banks to refinance loans it took up in 2010, the company said in a statement late on Monday.

The refinancing comprises $1 billion with a total maturity of 5.5 years, and $500 million, with a total maturity of 7 years, the company said.

In September, Reliance Jio had said it had raised a $750 million loan from Korea Exim Bank to finance the purchase of telecoms infrastructure from Samsung Electronics.

Reliance has said it will invest over $11 billion for its 4G telecoms service as the business beefs up infrastructure ahead of a nationwide rollout next year.