India’s Reliance Communications posts payment defaults as of June 30

By Marisa Wong

Los Angeles, July 6 – Reliance Communications Ltd. made a disclosure regarding defaults of payment of interest or repayment of principal on loans and listed debt securities as of June 30, according to a notice on Thursday.

Reliance is making the disclosure as prescribed under a circular dated Nov. 21, 2019, because it is currently undergoing a corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code, 2016.

As of June 30, Reliance’s total short- and long-term listed debt amounts to Rs. 404.13 billion. The company disclosed Rs. 288.26 billion of bank loans, all of which is in default.

Reliance is a Navi Mumbai, India-based telecommunications company.

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