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March 14, 2005
WASHINGTON, D.C., March 14, 2005 - Covington & Burling advised Reliance Infocomm Limited in connection with its $750 million financing from the Export-Import Bank of the United States and Export Development Canada. The financing was provided to assist Reliance Infocomm in building a state of the art telecommunications infrastructure for India -- the largest and most complex information and communications technology initiative in the world. The facility, negotiated in December last year and accessed in March 2005, is the largest telecom installations loan for any company world-wide in the year 2004.
Reliance Infocomm is a leading Indian telecommunications firm and part of The Reliance Group. The company's telecommunications network is a pan-India, high capacity, integrated (wireless and wireline) and convergent (voice, data and video) digital network, designed to offer services that span the entire Reliance Infocomm value chain - infrastructure, services for enterprises and individuals, applications and consulting. The network is designed to deliver services that will foster a new way of life for a new India.
The Reliance Group is India's largest business house with total revenues of over Rs 99,000 crore (US$ 22.6 billion) and net profits of Rs 6,200 crore (US$ 1.4 billion). The Reliance Group's activities span exploration and production (E&P) of oil and gas, refining and marketing, petrochemicals (polyester, polymers, and intermediates), textiles, financial services and insurance, power, telecom and infocom initiatives. The Group exports its products to more than 100 countries the world over.
The Covington team included Ralph Voltmer, Peter Zern and Matthew Dowd in the Washington, DC office and Louise Nash and Simon Amies in the London office.