Reliance Jio Infocomm today said it is planning to raise Rs 3,000 crore by issuing secured redeemable non-convertible debentures on private placement basis. Also Read - Jio maintains lead in 4G download speed, Vi in upload in May: TRAIAlso Read - Airtel launches new Rs 456 prepaid plan: Check data, validity, call and other benefits
The company, owned by billionaire Mukesh Ambani, plans to launch commercial 4G services by the end of this year. “…pursuant to the approval of the board of directors and shareholders, the company proposes to issue secured redeemable non-convertible debentures aggregating up to Rs 3,000 crore on private placement basis,” Reliance Jio said in a regulatory filing. Also Read - Jio Freedom Plans 2021: Jio launches 5 new prepaid plans with no daily data limit - check details
In May, the company had raised $750 million or about Rs 4,500 from consortium backed by Korea Trade Insurance Corporation to buy telecom equipment from Samsung Electronics and Ace Technologies. The company in July had announced to raise Rs 4,500 crore through debentures.
Reliance Industries Limited (RIL) has already invested over Rs 1 lakh crore in its telecom venture Jio. The company has plans to offer 4G service at a monthly charges of Rs 300-500 and start commercial service with 4G mobile phones priced as low as Rs 4,000 a unit. The company is now present in all 29 states of India, with a direct physical presence in nearly 18,000 cities and towns, and covers over one lakh villages.
In addition, Jio has also built an optical fibre network comprising nearly 250,000 route kilometres of fibre optics.