Chinese lenders demand USD 2.1 billion from Anil Ambani’s Reliance Communications

Share

Tweet

Share

Share

Email

Comments

In what can be seen as a major setback to Anil Ambani’s Reliance Communications Ltd., major Chinese lenders, including China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China, have demanded at least $2.1 billion.

According to Bloomberg, 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. 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.

Claims against Reliance Communications (RCom) have risen to Rs 57,382.5 crore with new entities, including some Reliance Anil Dhirubhai Ambani Group companies, joining the creditors’ list, according to a regulatory filing. Interim Resolution Professional (IRP) Pardeep Kumar Sethi, however, admitted dues of Rs 30 crore out of fresh claims of Rs 8,189 crore, taking admitted claims so far to Rs 49,223.88 crore, RCom said in the filing.

Reliance ADA Group firms account for Rs 7,000.63 crore of fresh claims against the group firm RCom. The filing said the fresh claims except for admitted dues have been put for verification. Reliance ADAG firm Reliance HR Services Private Limited has submitted claim of Rs 3,368.95 crore, Reliance Capital 1,291.71 crore and Reliance Communications Enterprise Private Limited of Rs 2,336.22 crore and Bermuda-based Reliance Globalcom has made claim of Rs 3.75 crore.

The IRP admitted none of the claims and marked the entire amount for verification. Shubh Holdings Pte Ltd, CQS Asian Opportunities Master Fund Limited and CQS Directional Opportunities Master Fund Limited have joined the new list of creditors with claims of Rs 400.26 crore, Rs 135.04 crore and Rs 100.11 crore respectively. The list shows that China Development Bank (CDB) claimed dues of Rs 9,863.89 crore and the IRP has admitted the entire claim.