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Reliance raises $1.85 billion long-term loan to infuse into Jio

Reliance raises $1.85 billion long-term loan to infuse into Jio

Mumbai: Mukesh Ambani-led Reliance Industries has signed pacts with overseas lenders to avail long-term loans of 1.85 billion dollars (about Rs 12,850 crore) to finance its capital expenditure for the telecom arm.

The fund-raising comes amid reports of the company planning to infuse as much as Rs 20,000 crore into Jio to bolster broadband and e-commerce play ahead of a potential entry into 5G mobile telephony services in future.

“The company has entered into agreements with offshore lenders for availing long term loans aggregating 1.85 billion dollars, primarily for meeting a part of its planned capital expenditure in the normal course of its business,” it said in a statement.

Reliance on an ongoing basis evaluates financing opportunities with lenders in the normal course of business. “If any of such proposal requires disclosure to the stock exchanges under Clause 30 of SEBI LODR Regulations 2015, the company will make such disclosure at the time and in the manner prescribed under the applicable regulations,” it said.

Meanwhile, in another statement, it said that the company is under government lens for alleged diversion of Rs 1,700 crore Corporate Social Responsibility Fund. Reliance said it has been providing information in response to the requirements of the Ministry of Corporate Affairs (MCA).

The company carries out its CSR activities on a pan-India basis through its implementation agency Reliance Foundation and also in co-operation with certain other reputed agencies.

“The company is proud to be the largest corporate contributor to CSR in India. The company is in compliance with CSR requirements under Companies Act 2013 and detailed disclosure is made in its annual report each year duly certified by the statutory auditors,” it said.

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