Indian billionaire Anil Ambani has secured a $1.2bn loan from a trio of Chinese state-backed banks, underlining how India’s companies are being forced to look beyond western lenders for new sources of finance.
Reliance Communications, the mobile telecoms arm of Mr Ambani’s heavily indebted Reliance conglomerate, will use the loan to refinance a $1.2bn convertible bond, due to be repaid at the start of March.
The loan comes at a time when high Indian interest rates and a fall in value of the rupee have strained the finances of India’s corporate sector, which has in the past turned to US and European banks for loans.
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