Rel Comm raises $1 bn external loan
Reliance Communication Ltd on Thursday concluded one billion dollar borrowing from international markets, amid reports that it was in talks with global equity players to acquire Hutchison's stake in its Indian venture.
By PTI |
NEW DELHI: Reliance Communication Ltd on Thursday concluded one billion dollar borrowing from international markets, amid reports that it was in talks with global equity players to acquire Hutchison's stake in its Indian venture.
RCL, a company of the Anil D Ambani Group, has raised the five-year unsecured loan. The deal was facilitated by ABN Amro, Standard Chartered and Citi Bank, banking sources said.
The proceeds of the transaction, the biggest in Indian telecom sector, would be used for 'general corporate purposes'.
Reliance Communications, which is in the midst of an expansion drive, had earlier announced that it would raise upto 1 billion dollars by issuing securities in overseas markets.
The conclusion of the loan comes while reports of RComm initiating talks with equity firms to acquire Hutchison's Indian stakes in Hutch Essar JV gains momentum.
The Hong Kong-published Asian edition of the Financial Times said on Wednesday three American firms - Carlyle, Blackstone and Texas Pacific Group - were in talks with RComm to buy 67 per cent stake held by Hutchison in the joint venture Hutch-Essar.
RCL, a company of the Anil D Ambani Group, has raised the five-year unsecured loan. The deal was facilitated by ABN Amro, Standard Chartered and Citi Bank, banking sources said.
The proceeds of the transaction, the biggest in Indian telecom sector, would be used for 'general corporate purposes'.
Reliance Communications, which is in the midst of an expansion drive, had earlier announced that it would raise upto 1 billion dollars by issuing securities in overseas markets.
The conclusion of the loan comes while reports of RComm initiating talks with equity firms to acquire Hutchison's Indian stakes in Hutch Essar JV gains momentum.
The Hong Kong-published Asian edition of the Financial Times said on Wednesday three American firms - Carlyle, Blackstone and Texas Pacific Group - were in talks with RComm to buy 67 per cent stake held by Hutchison in the joint venture Hutch-Essar.
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