Mobile carrier Reliance Communications (RCom) won breathing room after receiving a seven-month loan reprieve from lenders, but will now need to reassure investors it can accomplish two deals critical to reducing its heavy debt. Billionaire Anil Ambani, who controls India's seventh-ranked mobile carrier by customers, said on Friday it will receive a "standstill" on debt servicing obligations until December as it works on the deals that it expects will reduce its $7 billion debt by Rs 25,000 ($3.9 billion), or by 60 per cent. The announcement sent shares in RCom, as ...
Pressure on RCom to close asset deals critical to its debt reduction
This comes on the back of debt reprieve it got from lenders a few days ago