Reliance Jio is in talks to raise a loan of around $1.6 billion to fund the purchase of equipment from Nokia. Banks involved in the discussions with the telco include Citigroup Inc., HSBC Holdings Plc. and JPMorgan Chase & Co.
The loan will likely have a maturity of as much as 15 years and will be priced over the secured overnight financing rate. Finland-based export credit agency, Finnvera, will issue guarantees covering the majority of the loan.
In October 2022, Nokia announced that it had signed an agreement to supply Jio with equipment for its 5G rollout in India.
