Reliance Communications Limited (RCOM) has put the process of easing its debt burden on the fast track. As per news reports, the company has fully repaid two loans amounting to $1 billion during the quarter ended June 30.
The two syndicated external commercial borrowing loan facilities of $500 million each were availed in 2007 from several overseas banks.
Also, RCOM reportedly made scheduled repayments of another $207 million against other foreign currency loans. According to the company, these repayments have been made using its rupee resources.
The company issued a statement in this regard, which stated, ?RCOM?s foreign currency debt is steadily declining every year, and the interest outgo on such debt is fully covered by US dollar denominated earnings from the Reliance Globalcom business.?
