Reliance Info Gets $300 Million Syndicated Loan

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Reliance Infocomm gets $300 Million syndicated loan

Largest international debt to be raised by any Indian telecom company

DAKC (Dhirubhai Ambani Knowledge City), Navi Mumbai, October 13, 2004

In the largest debt raising exercise in the international syndication market by any Indian telecom company, the country's largest mobile services provider, Reliance Infocomm Limited (RIC) has successfully concluded a syndicated term loan facility of $300 million, lead managed by ABN Amro NV, Australia and New Zealand Banking Group, Bank of Baroda, BNP Paribas, DBS Bank, ICICI Bank, Mashreqbank and Rabobank.

The loan has a final maturity period of seven years and the facility has recently been signed in Mumbai.

Commenting on the transaction, Jagannatha Kumar, Head, Project Finance at Reliance Infocomm, said, "The transaction, the first ever cross-border borrowing by Reliance Infocomm, and the largest debt raising in the international syndication market by an Indian Telecom company, has received an overwhelming response."

"The success of this transaction is a testimony to the faith reposed by the international banking community in the operating and financial strengths of Reliance Infocomm and the unparalleled track record of the Reliance group. We are especially delighted that the transaction attracted a diverse group of international banks, with a wide geographic representation," he added.

Reliance Infocomm is the leading integrated telecom services provider in India with a subscriber base of over 8.5 million, and is in the process of setting up the largest telecom projects by any new entrant in the world at a cost of US$ 5.5 billion.

Reliance Infocomm has established a pan-India, high capacity, integrated (wireless and wire-line) and convergent (voice, data and video) digital network, to offer services spanning the entire Infocomm value chain - infrastructure, services for enterprises and individuals, applications and consulting. The Reliance Group, founded by Shri Dhirubhai H. Ambani (1932-2002), is India's largest business house with total revenues of over Rs 99,000 crore (US$ 22.6 billion), cash profit of Rs 12,500 crore (US$ 2.8 billion), net profit of Rs 6,200 crore (US$ 1.4 billion) and exports of Rs 15,900 crore (US$ 3.6 billion).