Mumbai sources reported that Reliance Jio Infocomm’s fiber network unit is rising about Rs 27,000 crore in syndicated loans from a group of banks, three executives aware of the financing plans told ET, as the newly created infrastructure business expands to meet expected demand for its assets from sectors such as power besides telecom and internet services providers.
Jio, which had more than 300 million subscribers in March, has demerged its fiber and tower business into two units Jio Digital Fiber Pvt Ltd and Reliance Jio Infratel Pvt Ltd. Jio Digital Fiber would use the dedicated credit line. These loans, maturing in two years, would cost about 8.35-8.85% and the loan is primarily aimed at facilitating the demerger process through which the fiber business emerges as a standalone subsidiary,” said one of the persons cited above.
Proceeds would be used to strengthen the fiber business and draw users from other companies and businesses. “The loan will be used to strengthen the fiber unit,” said a senior industry analyst. “Other telecom players can use this fibre network…even those in the power industry can use these assets.”
SEBI permitted mutual funds to participate in all exchange-traded commodities derivatives (ETCDs) Reportedly Mutual fund houses so far were not permitted to invest in commodities other than gold. At most, a few fund houses had thematic funds investing in the equity of companies engaged in the commodities business. But that is set to change with SEBI issuing final guidelines on May 21, 2019, permitting MFs to invest in exchange-traded commodity derivatives, with an aim to deepen the nascent commodity market.
- Air Asia India plans to tie up with about 200 companies
- London-based AdiGro Group to restart Jet Airways' operations by July 1
- Singapore Red Cross website been hacked
- What are the 2 bids received for Jet Airways?
- New tax rates for Under Construction House will come into effect from April 1, 2019
- Do you know Indian Railways luggage carrying rules?
- Know about State Bank of India's online service IMT (Instant Money Transfer)
- TCS was recently in the news for a trade secret theft case file
- Rupee on May 6 fell by 18 paise to close at 69.40 against US dollar
- Why Income Tax e-Filers growth dropped down this fiscal year?
- Shutting down of Jet Airways left 16,000 people, including 1,350 pilots, jobless
- Amazon fighting with Walmart Inc's Flipkart for market share in India
- 30% of 1,100 Yes Bank branches are profitable in India
- Stock Market in tensed state
- SpiceJet, Air India may fly 40 Jet Airways planes from next week