Reliance Jio is reportedly negotiating loans with several banks to raise US$1.6 billion to purchase equipment from Finnish vendor Nokia.
Anonymous sources speaking to Bloomberg said the banks involved include Citigroup, HSBC and JP Morgan Chase & Co. Although the number of banking partners could still change and this is not set in stone. Finnish export credit agency Finnvera will issue guarantees to cover most of the loan.
They added the loan has a maturity of 15 years and will be priced over the Secured Overnight Financing Rate.
This deal would expand the partnership between Nokia and Reliance Jio as both announced in October that Nokia will supply the operator with equipment for its 5G deployment.
