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Reliance Industries to Raise $800 Million from Korea Exim to Fund Reliance Jio

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Reliance Industries Ltd (RIL), is raising $800 million from Korea Exim (K-Exim) in order to finance purchase of telecom equipment from Korean vendors such as Samsung by Reliance Jio (RJio), the telecom arm of the retail to petroleum giant, indicating that the much awaited rollout of telecom services by India’s largest private company is gathering pace. The company may launch services in the first quarter of 2015, according to analysts.

This will be the first international financing for RJio, after a $1.5 billion overseas borrowing (ECB) raised in 2010 for spectrum payments. RIL is expected to soon refinance that funding as well. “The new tenor will be for 5.25 years for $1 billion and 6.5 years for $500 million. These will be at spreads lower than the previous loan.” Original post at ET Telecom

Wahengbam Rorrkychand

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