Rel Comm draws down ECB of USD 255 m for 3G refinancing
Rel Comm has drawn down USD 255 million (Rs 1155 crore) by way of ECB to part refinance 3G Spectrum fee payment to DoT.
January 18, 2011 / 14:53 IST
Reliance Communications (Rel Comm) has drawn down USD 255 million (Rs 1155 crore) by way of external commercial borrowing (ECB) to part refinance 3G Spectrum fee payment to the Department of Telecommunications (DoT).
This loan is funded by a consortium of banks led by Australian and New Zealand Banking Group Limited, BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank Limited and Intesa Sanpaolo. Rel Comm will benefit from extension of maturity, and substantial savings in interest costs from this facility, says an official release. Earlier in December, the company had signed a memorandum of understanding (MoU) with China Development Bank (CDB) to refinance USD 1.33 billion paid for 3G Spectrum to DOT. The MoU also covers financing of up to USD 600 million towards equipment and services to be procured fromChinese Vendors like ZTE Corporation and Huawei Technologies.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
