Reliance Communications (RCOM) has completed the procedure for obtaining a Rs 87 billion loan from China Development Bank to partly finance the cost of 3G spectrum and equipment purchase, according to news reports.
In a statement, the operator has said that China Development Bank (CDB) has signed the final documentation for a fully underwritten over Rs 87 billion loan facility for the company. The loan facility will be funded by syndicates of Chinese banks and financial institutions, including the bank, the statement added.
RCOM had earlier received an in-principle approval from China Development Bank for these facilities, and had executed a memorandum of understanding with the bank.
