Reliance Comm Said to Approach Banks for Dollar Debt

Reliance Communications Ltd., India’s second-largest mobile phone operator, may sell bonds or borrow from banks overseas to repay about 86 billion rupees ($1.9 billion) of debt, according to a person with direct knowledge of the plan.

Reliance Communications, based in Mumbai, approached banks seeking dollar-denominated funding that it calculates would be as much as 4 percentage points cheaper than similar financing in rupees, said the person, who asked not to be identified because the matter is confidential.