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China Development Bank in talks with RCom as firm plans to reduce debt

RCom had a net debt of Rs 450 billion at the end of October, putting it among India's most indebted companies

Reuters  |  BEIJING 

Anil Ambani, Reliance Communications, RComm
Anil Ambani, Chairman of Reliance Communications.

China Development Bank, a creditor of Reliance Communications Ltd, said it is in talks with the Indian wireless carrier, following a plan by the Anil Ambani-backed firm to reduce its debts.

Any progress will be disclosed in the near future, the Chinese bank told Reuters late Thursday in response to a request for comment on the Indian carrier's debt-reduction plan.

RCom, as the Indian carrier is known, announced on Tuesday a plan to slash its debt by 390 billion rupees ($6.1 billion) underpinned by the sale of some of its spectrum, tower, fibre and real estate assets for which the company said it has already received some non-binding offers.

It was not immediately clear if all key creditors were on board.

Last month, initiated insolvency proceedings at India's National Company Law Tribunal, adding that a large amount of principal and interest from RCom was overdue.

RCom had a net debt of Rs 450 billion at the end of October, putting it among India's most indebted

First Published: Fri, December 29 2017. 09:56 IST
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