Indian mobile phone services firm, Reliance Infocomm Ltd, said on Saturday it had raised $750 million of debt in the form of loans from Export Development Canada (EDC) and a US Exim Bank backed line of credit. Reliance Infocomm, which is India's largest CDMA-based mobile services provider and 45-percent-owned by Reliance Industries Ltd, said the latest loans marked the closure of its total $2.2 billion debt financing campaign.
"The financing consists of $500 million of Exim Bank guaranteed loan and $250 million of EDC loan and has a total repayment tenor of 10 years after a one-and-a-half year build out period of the telecom network," Reliance said in a statement.
The credit facilities were arranged by Citigroup. A Citigroup special purpose vehicle, GOVCO, is the Exim Bank-backed lender.
Reliance Infocomm currently has a customer base of nearly 9 million wireless users in one of the world's fastest growing major mobile markets.
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