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Mumbai & Kolkata: Reliance Jio<\/a> is in talks to raise around $2.5 billion (about Rs 20,600 crore) through an offshore syndicated loan to fund 5G network gear buys from Sweden’s Ericsson and Finland’s Nokia<\/a>, multiple people aware of the matter said. The talks come with India’s telecom market leader looking to roll out the next-gen mobile broadband service across India in the next 18 months.

Jio<\/a> is in talks with the likes of Bank of America, BNP, HSBC and Societe Generale (SocGen) to arrange the overseas loan, which is likely to be priced after adding an estimated 65 basis points over the Secured Overnight Financing Rate (SOFR), a new global rate gauge, the people added. Going forward, Jio may even upsize the loans as more banks may join the syndication.

The tenor could be in the range of three to seven years.

Separately, two European export credit agencies—EKN and Finnvera—may issue guarantees to the global lenders for extending the offshore loan to Jio, one of the persons cited above told ET.

“The proposed guarantees are expected to boost lenders’ comfort levels as it will reduce funding costs,” the banker said.

Since the two European export agencies are from countries rated two-three notches higher than India’s BBB- sovereign grade, any guarantee from them would be stronger and help manage funding costs better for any borrower, sources said.

Jio, a unit of Mukesh Ambani-owned Reliance Industries<\/a>, is likely to finalise the process soon as it looks to buy 5G network gear worth around $2.5 billion from the two European vendors, he added.

Jio, Ericsson, Nokia, EKN and banks did not respond to ET’s email queries until press time Sunday.

“Finnvera cannot give any information regarding projects we finance, not even tell if a company is our customer or not… this is based on Finnish banking law,” a spokesman of Finland's export credit agency said.

The telecom market leader launched its 5G beta services in Delhi, Mumbai, Kolkata, and Varanasi from October 5 and plans to deliver 5G to every town, taluka and tehsil in India by December 2023.

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Mumbai & Kolkata: Reliance Jio<\/a> is in talks to raise around $2.5 billion (about Rs 20,600 crore) through an offshore syndicated loan to fund 5G network gear buys from Sweden’s Ericsson and Finland’s Nokia<\/a>, multiple people aware of the matter said. The talks come with India’s telecom market leader looking to roll out the next-gen mobile broadband service across India in the next 18 months.

Jio<\/a> is in talks with the likes of Bank of America, BNP, HSBC and Societe Generale (SocGen) to arrange the overseas loan, which is likely to be priced after adding an estimated 65 basis points over the Secured Overnight Financing Rate (SOFR), a new global rate gauge, the people added. Going forward, Jio may even upsize the loans as more banks may join the syndication.

The tenor could be in the range of three to seven years.

Separately, two European export credit agencies—EKN and Finnvera—may issue guarantees to the global lenders for extending the offshore loan to Jio, one of the persons cited above told ET.

“The proposed guarantees are expected to boost lenders’ comfort levels as it will reduce funding costs,” the banker said.

Since the two European export agencies are from countries rated two-three notches higher than India’s BBB- sovereign grade, any guarantee from them would be stronger and help manage funding costs better for any borrower, sources said.

Jio, a unit of Mukesh Ambani-owned Reliance Industries<\/a>, is likely to finalise the process soon as it looks to buy 5G network gear worth around $2.5 billion from the two European vendors, he added.

Jio, Ericsson, Nokia, EKN and banks did not respond to ET’s email queries until press time Sunday.

“Finnvera cannot give any information regarding projects we finance, not even tell if a company is our customer or not… this is based on Finnish banking law,” a spokesman of Finland's export credit agency said.

The telecom market leader launched its 5G beta services in Delhi, Mumbai, Kolkata, and Varanasi from October 5 and plans to deliver 5G to every town, taluka and tehsil in India by December 2023.

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