JDFPl raises Rs 270 billion in syndicated loans from a consortium of banks

Jio Digital Fibre Private Limited, Reliance Jio’s fibre unit, is raising approximately Rs 270 billion in syndicated loans from a consortium of banks. The funds will be put to use to facilitate the demerger process which will see the fibre arm emerge as a stand-alone subsidiary. The State Bank of India is reportedly giving a loan worth Rs 100 billion-Rs 110 billion while ICICI Bank and Punjab National Bank have committed to giving Rs 50 billion each. Axis Bank has offered Rs 60 billion. These loans come with a maturity period of two years, with interest chargeable at 8.35-8.85 per cent.