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RCom draws down $400 mn more of China loan

RCom draws down $400 mn more of China loan
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First Published: Thu, May 12 2011. 01 04 PM IST
Updated: Thu, May 12 2011. 01 04 PM IST
New Delhi: Reliance Communications, India’s second-biggest mobile carrier, said on Thursday it has drawn down a second tranche of $400 million from a $1.93 billion loan facility signed with China Development Bank.
Debt-ridden Reliance Comm, controlled by billionaire Anil Ambani, last December signed an accord with China Development Bank for the 10-year syndicated loan and has said it would see annual interest cost savings of more than Rs500 crore ($112 million).
It had drawn down the first tranche of $665 million in March, the company said in a statement.
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First Published: Thu, May 12 2011. 01 04 PM IST
More Topics: RCom | China Development Bank | Loan | Mobile | Telecom |