ICBC provides loan worth 1.2 billion Indian rupees (ICBC Facility II) to help Reliance Tech Services Limited repay short-terms loans (linked to Record ID#56456)

Funder	China (People's Republic of)
Recipient Organization	India
Country	India
Start Date	Jul 06, 2014
End Date	Jan 04, 2027
Duration	4,565 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`54352`

Grant Description

ICBC provides loan worth 1.2 billion Indian rupees (ICBC Facility II) to help Reliance Tech Services Limited repay short-terms loans On July 21, 2014, the Industrial & Commercial Bank of China (ICBC) provides 1.2 billion Indian rupee working capital loan to Reliance Tech Services Limited, a subsidiary of Reliance Communications.

Most of the loan proceeds were to be used to repay Reliance's short-term loans. Reliance Communications guaranteed the loan.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following terms: 10 year maturity and an interest rate of LIBOR plus a 1

📅 Maturity10 years

In February 2019, Reliance Communications filed for bankruptcy as it was unable to sell assets to repay its debts. Many creditors are now suing the Reliance Communications to recover unpaid debts. Loan applications and disbursements are still being received and processed as the projects continue to evolve.

Ongoing monitoring and evaluation are in place to ensure project continuity.