Reliance halts syndication as telecoms saga continues

India’s Reliance Communications is wrapping up a $255m loan that bankers expect to close this week despite attracting just one commitment in syndication. The deal struggled to gain momentum after the company was embroiled in a growing domestic scandal over the auction of 2G licences.

  • 04 Apr 2011

Three individuals from Reliance Telecom, a subsidiary of RCom, were charged on Monday, alongside the ex-telecoms minister, Andimuthu Raja. Around five banks were thought to be considering RCom’s loan earlier this month but bankers close to the deal now believe it will close with one commitment.

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