RCOM raises USD150 million for GSM equipment

3 Dec 2008

Indian news source LiveMint is reporting that Reliance Communications (RCOM) has raised USD150 million from trade finance and promotion agency Export Development Canada (EDC). The funds will be used for the purchase of technology and equipment from Canadian suppliers for the nationwide expansion of the cellco’s GSM-based services. The financing is understood to be a combination of loans and lines of credit, with a longer repayment tenure. The funds come following an agreement earlier this year that saw EDC provide RCOM USD250 million.