Reliance, Jio raise $5 billion in largest syndicated loan in India

Reliance Industries Ltd (RIL) has secured an additional credit line of $2 billion from 18 banks after obtaining a $3 billion from 55 banks recently.

The conglomerate has thus got a total loan of $5 billion, making it the largest fundraising through the syndicated loan route in India’s corporate history.

Reliance Jio Infocomm Ltd, a unit of RIL, secured the $2 billion add-on facility with the same terms as its recent $3 billion syndicated loan.

The funds will mainly be allocated towards RIL’s capital expenditures and Jio’s nationwide 5G expansion.

“The $2 billion add-on will be split equally between RIL and Jio and is likely to be wrapped up by the end of April,” said one of the three people, requesting anonymity.