What Jio will do with this $1 Billion borrowing amount?
It will offer these services to its 340 million users, hoping to attract more high-value subscribers. It’s not clear whether these new financial services will be provided by Jio Payments Bank - a joint venture with State Bank of India - or through a separate entity. Jio is also expected to provide further details, including the pricing, of its home broadband service, which has been undergoing trials for over two years.
Post the fund raise, the Korea Trade Insurance Corporation (K-Sure), South Korea’s official export credit agency, will guarantee consignments imported by Jio, which will expand its 4G and fibre network and also to buy the spectrum to offer 5G services.
The loan will have a 10-year maturity, it could be priced 81 basis points over the London Interbank Offered Rate (LIBOR). Further, K-Sure guarantee is aiding a reduction in borrowing costs,” said another executive involved in the matter. The financial services that Jio is expected to roll out include third-party insurance and health cover and may extend the offerings to help in selling or cross-selling retail products ranging from insurance to bonds.
Jio, which started operations in September 2016 but the name was coined in 2011 by Isha Ambani. With the all due credit to Isha;Today, Jio become a household name in the country plans to become more than just a mobile phone operator. By expanding its portfolio, now it is entering into various digital services with a presence in home broadband, enterprise business, services to small and medium enterprises and a bouquet of content and digital services, including financial offerings.
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