Reliance Communications raises $1bn

Reliance Communication today concluded a $1 billion borrowing from the international markets amid reports that it was in talks with global equity players to acquire Hutchison's stake in its Indian venture.

RCL, a company of the Anil D Ambani Group, has raised the five-year unsecured loan, and the deal was facilitated by ABN Amro, Standard Chartered and Citibank, banking sources said.

The proceeds of the transaction, the biggest in the Indian telecom sector, would be used for "general corporate purposes".