Jio in talks to raise $2bn for 5G gear

Jio in talks to raise $2bn for 5G gear

Mukesh Ambani.jpg

Reliance Jio is in talks to raise up to US$2 billion in offshore loans to buy Ericsson 5G equipment according to a report from the Economic Times.

The report indicates that BNP Paribas will provide US$1.9-$2 billion to the operator over a nine month period, during which Jio will pay back Ericsson, BNP and other banks.

The Economic Times did not mention the amounts that it would pay back or whether BNP would be acting on behalf of a consortium.

Jio has also been in loan talks to help finance the rollout, with reports linking it with Nokia.

The company recently announced that it has more than 50 million 5G subscribers, around nine months after launching the service.

Mukesh Ambani, head of Reliance Industries told shareholders during an annual meeting this week that Jio 5G is already present in over 96% of the census towns in India.

“And we’re on track to cover the entire country by December this year,” he said.

“This makes Jio 5G the fastest-ever 5G rollout of this scale anywhere in the world.”

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