Reliance Industries and its telecom arm Reliance Jio Infocomm have raised a total of $5 billion in back-to-back foreign currency loans, the largest syndicated loan in India's corporate history. Reliance last week raised $3 billion from 55 banks and Reliance Jio Infocomm secured additional credit of $2 billion from 18 banks. Reliance will mainly deploy the funds raised towards its capital expenditure, while Jio would put the money to finance its nationwide 5G network rollout.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
