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.)