RCom draws down $400 mn more of China loan

RCom draws down $400 mn more of China loan

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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