Reliance Infocomm gets syndicated loan

MUMBAI: In the largest debt raising in the international syndication market by any Indian telecom company, mobile services provider Reliance Infocomm Ltd (RIC) has successfully concluded a syndicated term loan facility of $300 million syndicated loan. A consortium of eight banks - ABN Amro NV, Australia and New Zealand Banking Group, Bank of Baroda, BNP Paribas, DBS Bank, ICICI Bank, Mashreqbank and Rabobank, has arranged the loan.

According to the press release, the loan has a final maturity of seven years and the facility was signed in Mumbai recently. Project Finance head at Reliance Infocomm, Jagannatha Kumar said, "The transaction, the first ever cross-border borrowing by RIC and the largest debt raising in the international syndication market by an Indian telecom company, has received an overwhelming response."

"The success of this transaction is a testimony to the faith reposed by the international banking community in the operating and financial strengths of RIC, in its second year of operations and the unparalleled track record of the Reliance group. We are especially delighted that the transaction attracted a diverse group of international banks with a wide geographic representation," he added.