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RBI Approved Reliance Communications For Refinancing From China

Reliance Communications Ltd. received the permission from the Reserve Bank of India for the refinancing from Industrial and Commercial Bank of China Ltd (ICBC) and Export Import Bank of China (EXIM) for deliverance of its outstanding FCCBs (Foreign Currency Convertible Bonds).

The terrific FCCBs of US$ 1,182 million (approximately Rs. 5,825 crore at the prevailing US$ exchange rate of Rs. 49.30) will be exchanged on the due date of March 1, 2012. RCOM will get benefit from extended Loan Maturity of 7 years and outstanding interest of about 5%.

Reliance Communications Limited Logo

Reliance Communications Limited

For the first time in the history of FCCB, RCOM is the only Indian Corporate to enter successfully with the largest refinance. RCOM owns and operates the world’s largest next generation IP enabled connectivity infrastructure, comprising over 277, 000 kilometers of fiber optic cable systems in India, USA, Europe, Middle East and Asia Pacific Region.

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