Reliance Communication to get $1.93 bn from China Bank
December 15th, 2010 - 9:20 pm ICT by IANSMumbai, Dec 15 (IANS) Reliance Communication, part of the Anil Ambani Group, Wednesday signed an agreement with China Development Bank (CDB) for providing the India telecom major loans worth $1.93 billion. The agreement has a maturity period of 10 years and will be funded by a syndicate including CDB and other Chinese financial institutions.
About $1.33 billion of the loan will be used by the operator to restructure existing loans taken for buying 3G spectrum while the rest will be used for procuring equipment worth $600 million from Huawei Technology and ZTE Corp.
“This facility is over and above the existing $750 million facility, already substantially utilised by RCom for procurement of equipment and services from Huawei and ZTE,” the company said in a statement.
“RCom will benefit from extension of maturity and substantial savings in interest costs,” it added.
- Reliance Communications Q3 net profit up 7.7 percent - Feb 14, 2011
- Reliance Communications gets $665 mn from Chinese bank - Mar 17, 2011
- Reliance Communications raises $255 mn for part-finance of 3G loan - Jan 18, 2011
- Reliance Communications inks $1.9 bn loan deal with Chinese bank - Mar 09, 2011
- Reliance draws second tranche of loan - May 12, 2011
- Reliance Communications gets RBI nod for refinancing FCCBs - Feb 16, 2012
- Reliance Communications ties up refinancing for FCCB worth $1.18 bn - Jan 17, 2012
- Some 50 business pacts signed during Wen's visit - Dec 15, 2010
- Rivals? India seeks bigger Chinese role in infrastructure - Oct 09, 2011
- Reliance Communications revenue rises 4.4 percent in 2010-11 - May 30, 2011
- Anil Ambani talks of unlocking shareholder value (Roundup) - Sep 27, 2011
- ZTE bags enterprise solutions contract from Power Grid - Sep 13, 2011
- Huawei to manage Bharti Airtel's 4G network in Karnataka - May 01, 2012
- Reliance Industries raises $2 billion loan - May 09, 2012
- Some 400 Chinese business leaders accompanying Wen to India - Dec 13, 2010
Tags: 10 years, anil ambani group, bn, cdb, china bank, china development bank, existing loans, financial institutions, huawei, india telecom, interest costs, maturity period, mumbai, procurement, rcom, reliance communication, spectrum, substantial savings, syndicate, zte corp