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Reliance Jio to raise Rs 3000 Cr by issuing debentures

cmn_Reliance Jio

Reliance Jio is planning to raise Rs 3000 crore by issuing secured redeemable non-convertible debentures on private placement basis, reports IndianTelevision. The money will likely aid the company in its 4G rollout.

Note that in May, the company had raised a $750 million loan (~Rs 4500 crore) from nine banks on a 10 year repayment period, to finance goods and services from Samsung and Ace Technologies. This included banks like HSBC, Bank of Tokyo-Mitsubishi, JPMorgan Chase Bank, Mizuho Bank and Sumitomo Mitsui Banking Corp among others. According to RJIL, it has so far invested over $14 billion to set up the telecom infrastructure.

Presence in 18,000 cities : In July, RJIL claimed that it was present in all 29 states in India and had a direct physical presence in nearly 18,000 cities and towns. It also claimed to have built an optical fibre network consisting nearly 250,000 route kilometres. At the time, the company said it was conducting pre-launch testing and stabilisation of the telecom network.

4G rollout delayed?

Earlier this month Reliance Jio changed its previous statement “financial year 2016-17 will be the first full year of commercial operations for Jio” to “Financial year 2016-17 is projected to be the first year of commercial operations for RJIL“. The change hinted that instead of releasing in December as planned, the rollout might be delayed by another quarter.

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BWA deadlines : Interestingly, BWA rollout obligations technically kicked in last month, in September 2015, 5 years after the original auctions. All telecom operators which are BWA licensees were required to have street level coverage in at least 90% of the metro service areas and at least 50% of the rural short distance changing areas (SDCAs), failing which the operators are liable to face penalties. However, none of the telecom operators seem to have actually achieved this.

Also read :

Reliance Jio’s Jyotindra Thacker: “You’ll see an unleashing of bandwidth”

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