New Delhi: Telecom operator Reliance Jio Infocomm Ltd is learnt to be in talks with three Japanese banks to raise $500 million (around Rs3,250 crore) in debt.

“Reliance Jio is in discussion with MUFG (formerly The Bank of Tokyo-Mitsubishi UFJ) , Mizuho Bank and Sumitomo Mitsui Banking Corp. to raise $500 million," people in the know of the development told PTI.

An email query sent to the company seeking a response remained unanswered.

Last month, the Reliance Jio board had approved raising of around Rs20,000 crore in debt. The company has invested over Rs2 trillion in the mobile business which has garnered over 168 million customers.

The Mukesh Ambani firm has also signed agreement to buy mobile business assets of Reliance Communications—the company led by his younger brother Anil Ambani, for around Rs25,000 crore.

The source did not mention the timeline for raising the loan from Japanese banks and said, “The agreement is yet to be signed."