Reliance Jio to raise Rs 3,500 Crores to fund 4G roll-out

Reliance Jio, the telecom wing of Reliance plans to raise Rs 3,500 Crores to fund its upcoming 4G roll-out. The company is already warming up to its official 4G launch this December.

"The Company proposes to issue Secured Redeemable Non- Convertible Debentures aggregating up to Rs 3,500 crore, on private placement basis," RJIL said today in a filing.

The company had raised $750 million or about Rs 4,500 from Korea Trade Insurance Corporation this May to buy telecom equipment from Samsung Electronics and Ace Technologies. RJIL is looking to launch 4G phones priced as low as Rs 4,000.

The company is now present in all 29 states of India.

Image credit: Indiatimes