Reliance Communications (RCOM) has received RBI approval for the refinancing being provided by Industrial and Commercial Bank of China (ICBC), China Development Bank Corporation (CDB) and Export Import Bank of China (EXIM) for redemption of its outstanding foreign currency convertible bonds (FCCBs).
The outstanding FCCBs of $1,182 million approximately Rs 5,825 crore will be redeemed on the due date of March 01, 2012. RCOM will benefit from extended loan maturity of 7 years and attractive interest cost of about 6%.
Reliance Communications is India's foremost and truly integrated telecommunications service provider. The company has established a pan-India, next generation, integrated (wireless and wireline),convergent (voice, data and video) digital network that is capable of supporting best-of-class services spanning the entire communications value chain, covering over 24,000 towns and 600,000 villages.
