Reliance Communications is at an advanced stage of negotiations with several banks including ABN Amro, Barclays, Calyon, HSBC Holdings, BNP Paribas, Mizuho Corporate Bank and Standard Chartered to raise a $1 billion overseas debt over six years.

Reliance Communications is at an advanced stage of negotiations with several banks including ABN Amro, Barclays, Calyon, HSBC Holdings, BNP Paribas, Mizuho Corporate Bank and Standard Chartered to raise a $1 billion overseas debt over six years. The funds will be used to part-finance the company’s capital expenditure in the current financial year. According to sources, the negotiations are at an advanced stage and the deal is expected to be sealed in the next two to three weeks. The debt is not expected to have any impact on Reliance’s balance sheet.