Reliance Communications, India’s debt-stricken mobile phone operator, announced it would receive a $1.93bn loan from China Development Bank on the day China’s premier Wen Jiabao arrived in New Delhi for a state visit to boost ties between the two emerging economic powers.
The new loan, signed on the sidelines of an India-China summit on Wednesday, will help India’s second-largest mobile operator by subscribers repay the outstanding loans it took to acquire 3G spectrum this year.
This is the latest in a series of multibillion-dollar loan agreements clinched with Beijing by Indian billionaire industrialists, as Chinese banks offer much cheaper credit than Indian institutions.
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