RCom takes $500-mn loan from EDC Canada

Reliance Communications (RCom) has received a $500-million loan from Export Development Corporation of Canada (EDC), which the private telecom major will use for the procurement of GSM equipment.

This increases the Anil Ambani group firm’s overseas loan procured for GSM operations to $1.25 billion, including an earlier $750 million received from China Development Bank.

The long-term loan is believed to be procured for a seven year period and at an interest rate of LIBOR plus one (LIBOR + 1). This is among the lowest rate offered to the top 20 bluechip companies across the world, sources close to the development said.