Reliance Comm draws third tranche of loan from China bank

Moneycontrol Bureau

Reliance Communications has drawn Rs 1,200 crore in the third tranche of a loan  from China Development Bank to refinance short-term debt the Anil Ambani group company took for acquiring third generation or 3G spectrum. This is part of the Rs 8,700 crore syndicated loan arrangement with the Chinese bank. It has now drawn about Rs 6,000 crore in the three tranches. The loan facility also includes Rs 2,700 crore for telecom equipment imports from Chinese vendors.  "The drawn amount will be used to refinance Reliance Communications