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RIL likely to infuse Rs 20,000 cr in Reliance Jio

The move is taken to boost its broadband and 5G services

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MUMBAI: Mukesh Ambani-led Reliance Industries Ltd (RIL) is likely to infuse Rs 20,000 crore in Reliance Jio to boost its broadband and 5G services. As per a Mint report, Reliance Jio will issue 4 billion non-cumulative optionally convertible preference shares to its parent at Rs 50 each for cash.

“The capital would be used to expand operations of Reliance Jio. The non-cumulative optionally convertible preference shares carry an interest rate of 9 per cent," Mint report said citing a source. Jio has built a subscriber base of 306.7 million in a very short span of time.

An analyst at a domestic brokerage said that capital requirement for the telecom sector will stay high due to the constant infrastructure upgradation and the proposed 5G expansion. He added that Jio is now focused on reaching out to the country’s underserved homes and enterprise connectivity market.

RIL has an outstanding debt of more than Rs 2.87 trillion as of 31 March which increased by Rs 69,000 crore during the year due to investments in Jio. The telco giant has decided to transfer its fibre and tower arms to two infrastructure investment trusts (InvITs) - Digital Fibre Infrastructure Trust and Tower Infrastructure Trust to cure debt.

“In our view, the InvIT has effectively allowed RIL to replace ₹710 billion of external debt with very-long-term (20-year) money and thereby remove any refinancing need on this amount of debt. It also gives more balance sheet flexibility and allows RIL to further increase spending across its consumer business if it chooses to do so,” said an earlier JPMorgan report as quoted by Mint.

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