Reliance Communications Cuts Debt - Wall Street Journal

NEW DELHI—Reliance Communications Ltd. said Thursday it reduced debt by 12 billion rupees ($201 million) using money from its deal with Reliance Industries Ltd. to share optic-fiber network. Reliance Communications, the telecom venture of billionaire Anil Ambani's Reliance Group, is looking at ways to raise funds to pay off its debt because interest payments are hurting its financial performance. Anil Ambani's elder brother, Mukesh Ambani, controls Reliance Industries. The network agreement, signed in April between Reliance Communications and the Reliance Jio Infocomm unit of Reliance Industries, was the first business deal between the brothers since 2005 when they split the business empire founded by their father. Reliance Communications didn't say how much debt it currently has. At the end of March this year, it had about $6.5 billion of debt, most of which it took to buy bandwidth from the government and to fund expansion. Last week, the company, India's third-largest telecom-services provider by number of customers, said it repaid two syndicated foreign loans taken in 2007 totaling about $1 billion and another $207 million of debt, all in the April-June quarter. On Sunday, the company said it would spin off real-estate holdings valued at about 120 billion rupees into a separate company. It plans to develop the real estate in partnerships with international firms to raise funds. • Invalid email address. • You can't enter more than 20 emails. • Seperate multiple addresses with Commas. • Must enter an email address. • You must enter the verification code below to send. • Invalid entry: Please type the verification code again. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFfTSin4M4jdJ0LUiVjEXpB1ZKLUQ&url=http://online.wsj.com/article/SB10001424127887324879504578599531261183820.html

Put the internet to work for you. via Personal Recipe 2910127