RCOM repays loans totalling INR50 billion early

2 Sep 2009

Reliance Communications (RCOM) has paid back in excess of INR50 billion (USD1 billion) of local currency term loans ahead of schedule, Reuters reports. Commenting on the development, Ramesh Venkat, chief financial officer of RCOM parent company Anil Dhirubhai Ambani Group, said: ‘We have paid it more than three years ahead of schedule to a number of Indian and foreign banks. This is resulting in an interest cost saving of about INR7.5 billion rupees a year on an annualised basis.’ A significant portion of the savings is expected to impact RCOM’s bottom line, as the repayment has been made from internal accruals.

India, Reliance Communications (RCOM)