Jio to raise around $1.6 billion loan to purchase equipment from Nokia

Reliance Jio is in talks to raise a loan of around $1.6 billion to fund the purchase of equipment from Nokia. Banks involved in the discussions with the telco include Citigroup Inc., HSBC Holdings Plc. and JPMorgan Chase & Co.
The loan will likely have a maturity of as much as 15 years and will be priced over the secured overnight financing rate. Finland-based export credit agency, Finnvera, will issue guarantees covering the majority of the loan.