India’s Reliance Jio plans to sell up to $671 million in bonds – Bloomberg News | Techno Glob

BENGALURU, Jan 4 (Reuters) – Indian billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd ( RELIB.UL ), the country’s top telecom operator, plans to sell its largest ever rupee bond, a 50 billion rupee ($670.65 million) note. , Bloomberg News reported on Tuesday.

The company is seeking commitments for 50 billion rupees of notes maturing in five years at a coupon rate of 6.20%, people familiar with the matter said.

Jio did not immediately respond to Reuters’ request for comment.

The operator plans to use the proceeds from the proposed bond sale to meet its financial obligations, Bloomberg reported.

With 426.6 million wireless subscribers as of October 2021, Jio is India’s largest mobile operator.

Its launch in 2016 with free calls and low-cost data plans shook up the country’s telecommunications sector, forcing rivals to respond with cuts of their own and leading to consolidation.

Reliance Jio received billions of dollars in funding in 2020 from investors including Alphabet’s Google ( GOOGL.O ), Facebook ( FB.O ), Qualcomm ( QCOM.O ) and Intel.

Jio is also gearing up to launch 5G services in India, after emerging as the top bidder in the recent airwave spectrum auctions.

($1 = 74.5550 Indian Rupees)

A talk by Anuron Kumar Mitra in Bengaluru; Edited by Rashmi Aich

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