Chinese bank demand huge lump sum from Anil Ambani’s firm

Chinese bank demand huge lump sum from Anil Ambani’s firm

Chinese bank demand huge lump sum from Anil Ambani’s firm

Spread the love

Chinese lenders, including China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China, have demanded at least $2.1 billion from embattled tycoon Anil Ambani’s Reliance Communications Ltd., that slid into bankruptcy earlier this year.

State-owned China Development Bank, with loans worth Rs. 9,860 crore ($1.4 billion) was the biggest creditor to the indebted telecom company, according to a filing made by the Indian company to stock exchanges. Exim Bank of China sought payment of Rs. 3,360 crore, while Industrial and Commercial Bank of China claimed Rs. 1,554 crore, according to the filing.

India’s bankruptcy court is hearing lenders, and the former billionaire’s telecom firm as it attempts to find buyers for the company’s assets and pay debt. Anil Ambani’s older sibling and Asia’s richest man Mukesh Ambani’s Reliance Jio Infocomm Ltd. had earlier offered to purchase RCom’s assets in a Rs. 17,300-crore deal, which would have helped partly pay off lenders. The deal fell through after encountering regulatory hurdles.

Mukesh Ambani had in March helped his younger brother avert the risk of being jailed by making an $80 million payment on his behalf to the local unit of Ericsson AB for past maintenance services.

Ranjini Trinitymirror

leave a comment