Reliance Com gets $2 bn loan

Anil Ambani-led Reliance Communications said it has got a loan of about Rs 9,000 crore.

Anil Ambani-led Reliance Communications today said it has entered into a pact with China Development Bank Corporations for a loan of USD 1.93 billion (about Rs 9,000 crore) which will be used to refinance 3G spectrum fee and for purchase of telecom equipments.

The proposed facility has 10 years maturity and will be funded by a syndicate,including China Development Bank and other Chinese Banks and Financial Institutions,RCom said in a statement.

RCom will benefit from extension of maturity and substantial savings in interest cost.

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However,the facility is subjected to necessary approvals,the statement added.

The company added that the memorandum of understanding covers “the first and the largest syndicated loan of USD 1.33 billion for refinancing 3G spectrum fee and financing up to USD 600 million towards 85 per cent of the equipment and services to be procured from Huawei Technologies and ZTE Corporation.”

Earlier in May,Reliance Communications had won 13 key telecom circles during the 3G auction,including the key metros of Delhi,Mumbai and Kolkata.

It holds 3G licences in the telecom circles of Delhi,Mumbai,Kolkata,Punjab,Rajasthan,Madhya Pradesh,West Bengal,Himachal Pradesh,Bihar,North East,J&K,Orissa and Assam.

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Reliance Communications had paid Rs 8,585.04 crore to the government towards securing the 3G spectrum.

Recently,the company had launched the 3G services starting with Delhi,Mumbai,Kolkata and Chandigarh.

The release added,this facility is over and above the existing USD 750 million,already substantially utilised by RCom for procurement of equipment and services from Huawei and ZTE.

Shares of RCom today settled at Rs 129.10 on the BSE,up 0.86 per cent from the previous close.

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