Question
Reliance Jio Infocomm has raised Rs 16,640 crore through
offshore loans from which financial services company in order to finance the telecommunication company's equipment purchases from the Finnish giant Nokia?Solution
Reliance Jio Infocomm has raised Rs 16,640 crore ($2 billion) in one of the country's largest offshore loans for the financial year 2023-24 (FY24).The funds will be primarily used to finance the telecommunication company's equipment purchases from the Finnish giant Nokia. HSBC serves as the lead arranger for the loans. The Finnish credit agency Finnvera has provided cover for a similar sum to insure Nokia. This cover is likely to reduce Jio's 5G equipment funding costs.
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