Ambani's Jio is attempting to raise roughly $1.6 billion for infrastructure.

India's Reliance Jio Infocomm Ltd. is in the process of holding discussions to acquire a loan for approximately $1.6 billion in order to fund the purchase of equipment from Nokia Oyj. Citigroup Inc., HSBC Holdings Plc., and JPMorgan Chase & Co. are among the banks that are participating in the conversations with the telecommunications company owned by billionaire Mukesh Ambani, according to the sources, who requested not to be identified because the topic is confidential. According to what was stated, the loan might have a duration of up to 15 years and will have an interest rate that is higher than the Secured Overnight Financing Rate.

Due to the fact that the transaction has not yet been completed, both the roster of banks and the terms are subject to modification. According to what was stated, the Finnish export credit agency known as Finnvera will give guarantees covering the majority of the loan. In October of 2018, Nokia made the announcement that it has successfully concluded negotiations with Jio to supply the latter with equipment for its 5G deployment in India. After investing billions of dollars to acquire the airwaves, Ambani's Reliance Industries Ltd. was the first company out of the starting blocks to launch 5G service in India.

The responses from JPMorgan Chase, Citibank, and HSBC were all negative. When approached by Bloomberg over the loan discussions, a spokeswoman for Nokia declined to comment; Finnvera also did the same thing. In response to our request for comment, a spokesperson from Reliance Industries rejected.

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