Reliance Communications repays $500 million in overseas debt

Reliance Communications (RCOM) has fully repaid a syndicated external commercial borrowing (ECB) loan worth $500 million. Following the repayment of the debt, the operator has fully liquidated its borrowings from 23 foreign financial institutions.

The move is expected to reduce RCOM?s debt from $415 billion as of September 30, 2012 to $380 billion. Earlier, in 2012, RCOM had repaid two other ECB loans worth $1 billion and bilateral debt of more than $310 million.