Mukesh Ambani raises Rs 16,645 crore offshore loan for son Akash Ambani led firm, total loan now over Rs 50,000 crore

Mukesh Ambani has reportedly secured Rs 16,645 crore offshore loan for Akash Ambani led Reliance Jio Infocomm. It is believed to be one of India’s biggest offshore loans in FY24. As per a report by Business Today, the lead arranger for the massive transaction of 2 billion dollars was HSBC. Mukesh Ambani, the richest person in Asia, got a loan to purchase 5G gear from Nokia for expansion of Reliance Jio. As per the Economic Times, the loan is structured in a way that carries with it an implied rate of interest arrived over the tenure of the loan. This isn’t the first time Mukesh Ambani is raising money for Jio. Almost a month ago, the richest Indian raised a similar amount with BNP Paribas as the lead arranger. The loan amount will be reportedly used to expand Jio’s 5G network in India by sourcing 5G network gear from Sweden’s Ericsson. 

During the annual general meeting of Reliance Industries, Ambani revealed that Jio had partnered with Swedish export credit agency EKN for a $2.2 billion funding to finance the equipment and services for 5G rollout.

Reliance Jio 5G is now available in each of the 22 Licensed Service Areas (LSA) across each of the spectrum bands, ahead of time under the terms of the spectrum. This makes it the fastest 5G rollout of this scale in the world. With spectrum in the 700MHz, 800MHz, 1800MHz, 3300MHz and 26GHz bands Jio has the highest spectrum footprint. Jio also has 1,000 MHz in the millimetre wave band (26 GHz) in each of the 22 circles.