Tag Archives: Reliance

ADB approves $583m for LNG project

imported

MNA Business Desk: The Asian Development Bank (ADB) has approved $583 million in debt financing and partial risk guarantees for the Reliance Bangladesh Liquified Natural Gas (LNG) and Power Project. The project, which is composed of a power generation facility in Meghnaghat and an LNG terminal near Cox Bazar’s Kutubdia, ADB said in a statement. The total cost of the project is about $1 billion. “ADB’s partnership with Reliance Power will help Bangladesh scale up its energy infrastructure to sustain and support the country’s economic growth,” said Michael Barrow, director general of ADB’s Private Sector Operations Department. “ADB’s role as ...

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Reliance quits deal with Aircel

Aircel

MNA Business Desk: Indian billionaire Anil Ambani’s Reliance Communications has called off a merger deal with smaller rival Aircel over “legal and regulatory uncertainties”, throwing its debt repayment plans into doubt. The cash-strapped telecom firm, better known as RCom, had announced last September it was combining its wireless mobile services with Aircel’s Malaysia-based parent Maxis Communications Bhd to cut debt. The merger would have created the country’s fourth-largest carrier after three dominant players Airtel, Vodafone and Idea. On Sunday, RCom said both companies agreed to cancel the deal, which was slated to be completed this year. RCom had a net ...

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