(ET)
Reliance Jio Info comm is getting ready to borrow about $1 billion to buy telecom equipment, start a range of financial services to complement what it already offers subscribers and unveil its home broadband pricing. The mobile phone operator plans to raise about $1 billion (Rs 6,871 crore) via offshore loans that will be guaranteed by the Korea Trade Insurance Corporation to fund purchases from South Korean companies, said three people with knowledge of the matter.
Reliance Industries, Jio’s parent company that’s controlled by Mukesh Ambani, is set to provide details on the gamut of financial services at its upcoming annual general meeting on August 12. It will offer these services to its 340 million users, hoping to attract more high-value subscribers. It’s not clear whether these new financial services will be provided by Jio Payments Bank — a joint venture with State Bank of India — or through a separate entity.
