India's Reliance Jio Secures $2 Bn In Largest FY24 Offshore Loan with Finnvera backing

(Business World, Delhi, 3 October 2023) Reliance Jio, Indian telecom giant, has successfully raised nearly USD 2 billion (approximately Rs 16,640 crore), marking India's largest offshore loan in FY24, as reported by a media house. HSBC played a leading role in arranging this initiative, which is intended to finance the recent purchases of 5G network equipment from Nokia, a Finnish technology company. The report also reveals that Finnish export credit agency Finnvera has provided a similar insurance cover to safeguard Nokia, the supplier of Jio's 5G equipment and the global lenders associated with the telecommunications company. The inclusion of Finnvera insurance is expected to reduce Jio's overall funding costs for its 5G equipment. Such arrangements offer greater reassurance to global lenders and major 5G network suppliers involved in substantial deals.