Reliance Jio raises $500 million from Japanese banks

Last year in December the company has also announced that it acquires mobile business assets including spectrum, mobile towers and optical fiber network of Reliance Communications.

By Priyanka Dua

    Reliance Jio today said that it has raised JPY 53.5 billion ($500 million) as Samurai Term Loan with seven-year bullet maturity (the "Facility"). The Facility is guaranteed by Reliance Industries Limited and will be used for funding RJIL's ongoing capital expenditure.

    Reliance Jio raises $500 million from Japanese banks

    This deal represents the largest samurai loan for an Asian corporate, the statement said.

    "The facility has been fully underwritten by Mizuho Bank, Ltd., MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation (SMBC) Singapore branch and will be shortly launched into syndication," RJIL said.

    Reliance Industries Limited ("RIL") has also executed definitive agreements to acquire majority shareholding constituting 72.69 percent (on fully diluted basis) from existing investors of Individual Learning Pvt Ltd ("Embibe"), a leading AI-based education
    platform leveraging data analytics to deliver personalized learning outcomes to each student.

    Reliance has agreed to invest up to Rupee equivalent of $180 million into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years.

    Embibe will use the capital over the next three years towards deepening its R&D on AI in education, as well as business growth and geographic expansion, catering to students across K-12, higher education, professional skilling, vernacular languages and all curriculum categories across India and internationally.

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    Speaking on this strategic transaction, Akash Ambani, Director, Reliance Jio, said "The investment in Embibe underlines Reliance's commitment to growing the education sector in India and the world and making education accessible to the widest possible group of students by deploying the technology. Reliance aims to connect over 1.9 million schools and 58,000 universities across India with technology. We are delighted to announce this partnership with Embibe, and believe that their highly experienced management team will be instrumental in enabling Reliance to realize its vision for the education sector, and strengthening Jio leadership position as a digital technology company."

    Last year in December the company has also announced that it acquires mobile business assets including spectrum, mobile towers and optical fiber network of Reliance Communications-- owned by his younger brother Anil Ambani.

    Consequent to the agreement, RJIL or its nominees will acquire assets under four categories - Towers, Optic Fiber Cable Network ("OFC"), Spectrum and Media Convergence Nodes ("MCN") from RCOM and its affiliates.

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