Several Chinese lenders, including China Development Bank, have demanded at least $2.1 billion from embattled tycoon Anil Ambani’s Reliance Communications Ltd.
Earlier this year, Reliance Communication had slid into bankruptcy.
State-owned China Development Bank, with loans worth Rs. 9,860 crore ($1.4 billion) was the biggest creditor to the indebted telecom company. While Exim Bank of China sought payment of Rs. 3,360 crore, and Industrial and Commercial Bank of China claimed Rs. 1,554 crore, according to a filing made by the Indian company to stock exchanges.
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 an Rs. 17,300-crore deal, which would have helped partly pay off lenders. However, the deal fell through after encountering regulatory hurdles.
Earlier in March this year, Mukesh Ambani had 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.
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Reliance Communications on Monday released a list of financial creditors that are claiming Rs. 57,382 crore under bankruptcy proceedings.
Following is a list of Reliance Communication’s top seven lenders as of June 13. Chinese banks account for about one-fourth of the total claims.
Creditor Amount Claimed (in crore rupees)
China Development Bank – 9,860
State Bank of India – 4,910
Life Insurance Corp. of India – 4,760
Exim Bank of China -3,360
Bank of Baroda – 2,700
Madison Pacific Trust – 2,350
Axis Bank – 2,090