Reliance Jio plans its biggest bond to refinance financial liabilities

Mukesh Ambani's Reliance Jio Infocomm Ltd is planning its biggest ever rupee bond sale as it targets gains in market share

Billionaire Mukesh Ambani’s Reliance Jio, India’s largest mobile phone carrier, is planning its biggest ever rupee bond sale as it targets gains in market share.

The company is seeking commitments Tuesday for as much as $671 million of notes maturing in five years at a coupon of 6.20%, according to people familiar with the matter. Jio last tapped the local-currency bond market in July 2018, and is planning to use the proceeds from the current proposed deal to refinance financial liabilities.

Jio’s entry into the wireless market in 2016 with free calls and ultra-cheap data, unleashed a tariff war in the country