Korea Exim Bank (Kexim) has backed a US$750mn loan for the telecom arm of Reliance Industries. The deal represents its largest telecom infrastructure financing to date.

Kexim is directly funding Reliance Jio Infocomm Ltd (RJIL) US$440mn of the loan and the remaining US$310mn of the facility comes under Kexim’s covered guarantee for financing from 11 of Reliance’s relationship banks.

The relationship banks involved are HSBC, ANZ, Santander, BNP Paribas, Credit Agricole, Commerzbank, ING Bank, JP Morgan, Mizuho Bank, SMBC, and Nong Hyup Bank.

Reliance Industries is guaranteeing the loan, which will be used to finance the purchase of telecom equipment from Korean vendors such as Samsung Electronics. RJIL has plans to launch its 4G telecom services in 2015.

A statement from RJIL reads: “This is the first loan between Reliance group and Korea Exim Bank and has a door-to-door tenor of 12 years including a two-year availability period and repayable over 10 years thereafter.”

The deal is the export credit agency’s largest deal in India.