Many foreign banks like BNP Paribas, HSBC and more are involved in the loan facility and this also marks Jio’s third such facility in the past three years
Reliance Jio has signed a US$ 1 billion loan facility with several foreign banks and covered by the Korea Trade Insurance Corporation (K-Sure). This move was taken with the aim to allow Jio to finance goods and services that it procured from Ace Technologies Corporation and Samsung.
In an official statement, Jio said that the loan facility has a door-to-door tenor of 10.75 years. This will mark K-Sure’s largest deal in India and the largest deal backed by K-Sure in the telecom sector globally as well.
This loan facility will be the fourth of its kind for Reliance Industries and the second one for Jio in the last five years and three years, respectively.
Banks involved in the loan facility
The loan facility of K-Sure was led by Australia & New Zealand Banking Group (ANZ Bank) and HSBC Bank. Other banks involved in the facility are BNP Paribas, ING Bank, Citibank, Commerzbank, JPMorgan Chase Bank, Banco Santander, MUFG Bank and Mizuho Bank.