Reliance Communications, whose customer base of about 75 million people is dwarfed by Idea and Airtel. Photo: Hemant Mishra/MintHong Kong: Reliance Communications Ltd, the Indian mobile phone operator controlled by billionaire Anil Ambani, said it isn’t paying a dollar bond coupon. The failure to honour the obligation marks the company’s first missed interest payment on a note in the US currency, and represents the latest setback amid a shakeout in the world’s second-largest telecom market. The interest payment of about $9.75 million for Reliance Communications’ notes maturing November 2020 was due on Monday, according to data compiled by Bloomberg. “For the time being, no payment of interest and/or principal is being made to any lenders and/or bondholders,” the company wrote in a statement.

Source: Mint November 07, 2017 03:11 UTC