RCOM draws second tranche from China Development Bank

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

RCOM draws second tranche from China Development Bank

Reliance Communications has drawn down second tranche of Rs.1,780 crore (US$400 million) towards refinancing of 3G spectrum fees out of the Rs.8,700 crore (US$1.93 billion) facility signed with China Development Bank (CDB) on March 9, 2011.

The facility includes Rs.6,000 crore (US$1.33 billion) for refinancing 3G spectrum fee payment by RCOM and Rs.2,700 crore (US$600 million) for equipment imports from the Chinese vendors.

The first tranche of Rs.3,000 crore (US$665 million) was drawn down on 17th March, 2011. With this drawl, RCOM has already drawn Rs.4,780 crore (US$1.06 billion) towards refinancing of 3G spectrum fees and the last tranche is expected to be drawn very shortly.

The drawn down amount will be used to refinance RCOM's short-term rupee borrowings, resulting in substantial savings in its interest cost, apart from extending RCOM's debt maturity profile.

The loan facility which is fully underwritten by CDB, and is being funded by a syndicate of the Chinese banks/ financial institutions, including CDB.

This represents the first and largest-ever Syndicated Loan for refinancing Spectrum Fees by any telecom company.


For More Details See

www.varindia.com

Comments

Post a Comment

Popular posts from this blog

N Chandrasekaran appointed chairman of Tata Sons

Image
The board of directors of Tata Sons, at its meeting has unanimously appointed N Chandrasekaran as executive chairman, Tata Sons. N Chandrasekaran shall take charge from February 21, 2017. The board of Tata Sons said, “Chandrasekaran has demonstrated exemplary leadership as the chief executive officer and managing director, Tata Consultancy Services. We believe he will now inspire the entire Tata group to realise its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata group which have stood it in good stead.” Chandrasekaran was the chief executive officer and managing director of Tata Consultancy Services since 2009. A Tata lifer, he had joined the company in 1987 and was appointed as a director on the board of Tata Sons on October 25, 2016.
Read more

DoT Secretary hints at making Draft NTP 2018 available in public domain soon

Image
“A draft National Telecom Policy 2018 that is liberal and non-prescriptive in its licensing approach in Machine to Machine (M2M) communication is being given final touches. The policy should be in the public domain in the next two to three weeks for discussion and responses from stakeholders,” said Aruna Sundararajan, Secretary, Department of Telecom, Ministry of Communications. Aruna Sundararajan said, “M2M is the next big opportunity for India in terms of its impact and the quantum change that it will bring about in the quality of services and delivery. The favourable impact of M2M on job creation had already set in as seen by the arrival of the first set of start-ups in the areas such as agriculture, smart cities, healthcare and water management.” She stressed that NTP 2018 would be transformative in harnessing the full benefits of M2M communications. She further said that in the M2M framework the focus would be on low-cost manufacturing, where exciting innovatio
Read more

Visa buys NFT based CryptoPunk and paid $150,000 in Etherium

Image
Visa buys NFT based CryptoPunk and paid $150,000 in Etherium:  Leader in the digital payments   Visa   has purchased a digital CryptoPunk for $150,000, marking the company's first ever   NFT   purchase. The deal is clearly shows that, Visa is stepping into the world of NFTs with its purchase of   CryptoPunk 7610 .   Going forward, NFTs and Visa to align and integrate them in new brand strategy to gain a sizable market share. However, NFTs have often been compared to physical collectible items like rare trading cards and works of art.   The CryptoPunk 7610, which feBlatures a female punk with a mohawk and large green eyes. "We envision there could be a future where your crypto address becomes as important as your mailing address," Visa's Head of Crypto said.   An NFT - which stands for non-fungible token - is a unique digital asset designed to represent ownership of a virtual item. Unlike bitcoin and other cryptocurrencies, NFTs can’t be exchanged like-for-like with an
Read more