Mukesh Ambani's new plan, preparing to raise 33 thousand crores through these companies

Jio is in talks with Bank of America, BNP, HSBC and Cessity General to further accelerate the funding of 5G network after taking foreign loans. Similar talks are going on with RIL's foreign banks.

Reliance Industries Limited and Reliance Jio are trying to raise 33 thousand crore rupees from foreign lenders. Both companies are trying for foreign loans. With this move, Reliance Industries will get Rs 12400 crore and Reliance Jio will get Rs 20600 crore. This information has been given in a report of 'Economic Times'. For this, Reliance Industries is getting in touch with External Commercial Borrowing ie ECB. The report said that Reliance is in talks with Barclays, HSBC and MUFG Bank for overseas loans.

talk to foreign companies

The report said that the foreign loan can be for 5 years and its rate can be 130 to 150 basis points higher than the secured overnight financial rate. Foreign loans are available on this benchmark. Reliance Industries i.e. RIL is also in talks with Bank of America, Citigroup, Credit Agricole, DBS Bank and Mizuho Bank. For this, Reliance will not have to take any approval in the country because the Reserve Bank has relaxed the ECB rules for loans up to $ 1.5 billion.

Jio will take loan for 7 years

Like RIL, Reliance Jio is also in talks with companies for foreign loans. Jio is in talks with Bank of America, BNP, HSBC and Cessity General to further accelerate the funding of 5G network after taking foreign loans. If Jio gets the initial loan then further talks will be held with more companies and banks. This further increases the size of the loan. Jio loan can be for 3 to 7 years. For this, Euro export credit agencies such as EKN, Finvera can give guarantees to Jio's lenders.

Big preparation for RIL

Reliance Jio is spending Rs 2 lakh crore to start 5G network in India. In this work, Jio has partnered with Swedish company Ericsson and Finnish company Nokia. Large funds are needed in the 5G rollout for which foreign debt is being considered. Recently, at RIL's AG, the company's owner Mukesh Ambani had announced that in the next three years, RIL will invest Rs 75,000 crore in the oil to chemical business.

RIL will start a new company with an investment of Rs 75,000 crore, as well as fund will be invested in old companies. This will help in expanding the new value chain. In August this year, the country's largest finance company HDFC had given a loan of $ 1.1 billion to RIL through ECB. This loan is given at a rate of 90 basis points more than the international benchmark. Since then, loan rates have increased rapidly.