Reliance Comm raises 1,155 crore via ECB for 3G
Reliance Communications has raised about 1,155 crore of external commercial borrowing to partly refinance payments made for acquiring 3G, or third generation, air waves.
|, ET Bureau
Jan 19, 2011, 11.26 PM IST
MUMBAI: Reliance Communications has raised $255 million (about 1,155 crore) of external commercial borrowing to partly refinance payments made for acquiring 3G, or third generation, air waves.
This loan is funded by a consortium of banks led by Australian and New Zealand Banking Group, BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank Ltd and Intesa Sanpaolo, the company said in a statement.
Reliance Communications won bandwidth for 13 service areas in a government-led auction in May last year for Rs 8,585 crore. The refinancing extends the tenure of the borrowing as well as lowering the interest costs for the company, the statement said. Last month, Reliance Communications signed a memorandum of understanding with China Development Bank to refinance the $1.33 billion paid for 3G spectrum to the Department of Telecommunications. The MoU also covers financing of up to $600 million towards equipment and services to be procured from Chinese vendors such as ZTE Corporation and Huawei Technologies.
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