April 14, 2018 / 5:01 AM / Updated 2 hours ago

Reliance's telecom unit Jio raises about $500 million via Samurai loan

Reuters Staff

1 Min Read

NEW DELHI (Reuters) - Reliance Jio Infocomm Ltd, the telecom unit of Reliance Industries Ltd, said it has raised 53.5 billion yen ($498.5 million) through a loan from Japanese banks.

FILE PHOTO: A woman checks her mobile phone as she walks past a mobile store of Reliance Industries' Jio telecoms unit, in Mumbai, India, July 11, 2017. REUTERS/Shailesh Andrade/File photo

The seven-year term loan is guaranteed by Jio’s parent company and will be used to fund capital expenditure, the company said in a statement on Friday.

Mizuho Bank Ltd, MUFG Bank Ltd and Sumitomo Mitsui Banking Corp were the underwriters for the transaction.

($1 = 107.3300 yen)

Reporting by Sudarshan Varadhan; editing by Richard Pullin