Jio raises about $500 million via Samurai loan

Reliance Jio Infocomm Ltd, the telecom unit of Reliance Industries Ltd, said it has raised 53.5 billion yen ($498.5 million) through a loan from Japanese banks.

The seven-year term loan is guaranteed by Jio’s parent company and will be used to fund capital expenditure, the company said in a statement on Friday. 

Mizuho Bank Ltd, MUFG Bank Ltd and Sumitomo Mitsui Banking Corp were the underwriters for the transaction.