Reliance Group chairman Anil Ambani has reportedly found Chinese banks to refinance debts and raise fresh loans for its communications and power business, while his elder brother Mukesh Ambani's firm Reliance Industries (RIL) is planning to raise $1 bn, after securing $2.1 bn credit from US EXIM early this month
RIL is in talks with Korea Trade Investment Corporation or K-Sure and French export credit agency Coface SA to raise $500 mn loan guarantee from each, according to reports.
Reports also said that Anil Ambani's Reliance Group has drawn $1.1 bn and $1.2 bn from Chinese banks for its power and communications business as part of $10 bn deal with the Chinese lenders
While Mukesh Ambani's Reliance Industries has plans to invest US$10 bn on 4G network of its subsidiary Infotel Broadband (IBSL), one of its vendors 'Spirit DSP' said
India Infoline News Service / 08:59, Aug 25, 2014
The outlook is a flat start. The BankNifty has given a breakout but many of the large caps are remaining in a range keeping the main indices under pressure.