Reliance Jio to raise $1.5-bn debt abroad
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Reliance Jio Infocomm, the telecom subsidiary of Reliance Industries, is set to launch a $1.5-billion (Rs 9,000 crore) debt issue abroad within weeks of Tata Steel raising over $1 billion.
The funds will be used by Mukesh Ambani's company to refinance its costly debt and to roll out telecom and data services. Reliance joins a number of large companies, including the Essar and Adani groups, which are raising loans abroad as interest rates in India remain high.
Reliance Industries was appointing bankers and the loan would be marketed in the next few weeks, a source who did not wish to be named said.
Bankers said Tata Steel raised $1.5 billion last Thursday through $500 million five-and-a-half-year bonds at a coupon rate of 4.85 per cent and $1 billion 10-year bonds at a coupon rate of 5.95 per cent.
Reliance Jio could expect similar rates as its debt would be backed by India's most valuable company, bankers said. Reliance Industries is aggressive in borrowing abroad for expansion and to pay off costly local loans.
Reliance Industries has invested Rs 33,000 crore in its telecom venture and Chairman Mukesh Ambani has promised to launch services next year by when the company would have pumped in Rs 70,000 crore.
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