Mukesh Ambani and Akash Ambani led Reliance Jio Infocomm is talking with international lenders to raise around Rs 12330 crore. The funds will be used to buy 5G network equipment from Swedish firm Ericsson. The company plans to roll out 5G to the entire country by December 2023.

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According to reports, HSBC, JP Morgan and CITI are in the midst of advanced talks with the Mukesh Ambani-owned company for a 3-5 years loan for Jio. The interest rate is expected to be 100-150 basis points higher than the norm.

The Akash Ambani-led company wants to buy 5G radio equipment from Ericsson, reported ET.

European export credit agency Finnvera is likely to issue guarantees to the lenders.

The loan will be at least 1 billion dollars (Rs 8200 crore). These lenders are looking to pump in money in high-rated firms like Reliance as it mutually benefits both sides.

The company has already extended its 5G services in 5700 cities and towns. It wants to extend pan-India coverage by next year. It is looking to make an investment of 25 billion dollars in Reliance Jio.

Reliance Jio is primarily working with vendors like Ericsson and Nokia for its equipment need. The company was recently valued at Rs 984000 crore.

Akash Ambani is the in-charge of the company.