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Anil Ambani borrows $1.18 billion from Chinese lenders

Anil Ambani's Reliance Communications Ltd. will borrow $1.18 billion from Chinese lenders to help the company redeem convertible debt owing to a decline in the value of the flagship company, Bloomberg reported. This is the second time that Ambani has borrowed from Chinese lenders in less than a year, the article said.

The company plans to sell assets to repay debt, according to the report. (Source: Bloomberg, Jan. 17, 2012.)

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