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Telecommunication

Indian and Chinese banks' interests collide over Reliance Com

With loans of $71bn in the telecom industry, local lenders wary of insolvency

A mobile store operated by Reliance Communications in Kolkata, India.   © Reuters

MUMBAI/NEW DELHI -- Indian banks with exposure to Reliance Communications will soon face a China Development Bank-led syndicate in court, trying to block insolvency proceedings for the beleaguered telecommunications company in a case symbolizing Indian lenders desperate to secure their interests as the local telecom industry's 4.6 trillion rupees ($71.4 billion) in total debt weigh on the banks.

The Mumbai bench of the National Company Law Tribunal will hear from the parties involved this week to decide whether Reliance Com should go into insolvency.

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