First News
Volume:7, Number:49
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Business & Finance 2
THIS WEEK

Reliance Communications Gets Seven Months to Service Rs 450-billion Debt

Debt-laden Indian giant Reliance Communications said its lenders have agreed to a strategic restructuring plan under which it will get a 7-month standstill to service loans amounting to Rs450 billion. In a damage control mode following credit rating downgrades, RCom chairman Anil Ambani held a press conference to announce that the debt burden will be reduced to Rs200 billion with two deals by September, before the December deadline given by the lenders at a meeting with them earlier in the day. Besides, Ambani told reporters that his company will consider strategic sale of global business to further pare debt. He said lenders took note of the substantial progress the company has made on the strategic transformation program, especially the creation of the new, independent wireless company, Aircom, focused on India, the agreements signed with Aircel and also the Reliance Infratel stake sale to Brookefield of Canada. These two transactions will lead to a reduction of Rs250 billion of debt, he said.

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