In FY24, Reliance Jio Infocomm raised about $2 billion (Rs 16,640 crore) in one of the country's largest offshore loans. According to persons familiar with the subject, HSBC was the principal arranger of the project that will assist fund recent 5G network gear purchases from Finland's Nokia.

Finnvera, a Finnish export credit agency, is thought to have contributed a comparable sum to guarantee Jio's 5G equipment provider, Nokia, and the telco's global lenders from hazards. The Finnvera coverage is also likely to cut Jio's overall 5G equipment funding costs, as global lenders and 5G network providers participating in such huge purchases often feel more at ease.

"The deal was concluded recently after talks over the past couple of months with HSBC as lead arranger...the loan quantum is around $1.5-2 billion, and it is structured in a way that carries with it an implied rate of interest arrived over the tenure of the loan," one of the people with direct knowledge of the matter told ET.

A spokeswoman for HSBC declined to comment on the subject. Until the publishing of this article, a mailed enquiry to Finnvera went unanswered. Jio and Nokia did not respond to ET's emailed inquiries either.

Jio recently secured a nearly $2 billion offshore loan led by BNP Paribas, which was also used to support 5G network gear purchases from Ericsson of Sweden. In turn, the Swedish export credit agency, EKN, offered a $2.2-billion guarantee for the Jio-Ericsson 5G transaction.