1. Reliance Jio to raise Rs 3,500 cr in debt ahead of launch

Reliance Jio to raise Rs 3,500 cr in debt ahead of launch

Mukesh Ambani-led RIL's telecom arm Reliance Jio Infocomm (RJIL) will raise Rs 3,500 crore debt ahead of launch of its services.

By: | New Delhi | Published: July 31, 2015 12:26 AM

Mukesh Ambani-led RIL’s telecom arm Reliance Jio Infocomm (RJIL) will raise Rs 3,500 crore debt ahead of launch of its services. After the approval of the proposal by the company’s board, RJIL in a regulatory filing on Thursday said: “The company proposes to issue secured redeemable non-convertible debentures aggregating up to Rs 3,500 crore on a private placement basis.”

RJIL, however, did not disclose any further details regarding its plans for raising fresh debt. In May, RJIL had raised Rs 4,650 crore ($750 million) from Korea Trade Insurance Corporation to buy telecom equipment along with mobile handets from Samsung Electronics and Ace Technologies. RJIL is testing its networks across the 22 telecom circles in and is soon expected to start a beta programme before the commercial launch in December.

The company, has pan-India 4G spectrum — under 2,300 MHz — along with 1,800 and 800 MHz band of 2G spectrums in some circles.

With pan-India telecom licence, RJIL now has presence in all 29 states with physical presence in nearly 18,000 cities and towns and has developed mobile network over one lakh villages.

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