NEW DELHI: Reliance Communicationsis looking to raise funds via an overseas bond issue to pay nearly Rs 1100 crore ($173 million) to the government as upfront payment for the airwaves it bought in the recent auctions, apart from capex needs.

Fitch Ratings has assigned RCom's (BB-/Stable) proposed senior secured notes an expected rating of 'BB-(EXP), the ratings agency said in a statement on Friday.

The broader markets outperformed the benchmark indices even as telecom shares rallied despite industry regulator announcing ceiling on tariffs on roaming.

At 2:45PM, the 30-share Sensex was down 42 points at 28,884 and the 50-share Nifty slipped 13 points at 8,766.

Shares of midcap companies are continue at their upward march for the seven straight trading sessions with the National Stock Exchange (NSE) CNX Mid-cap index hit a fresh record high today.

At 1427 hours, CNX Mid-cap index was up 0.60% at 13,608 points, after hitting a new high of 13,631 in intra-day trade. The CNX Nifty was down 0.20% at 8,761.

Telecom operators like Vodafone, Bharti Airtel, Reliance Communications, Idea Cellular are expected to gradually increase rates to recover Rs 1.1 lakh crore they bid for spectrum in the auction that concluded last week, Moody’s said today.

“This high cost is credit negative for the country’s telecom operators because it will increase their debt and costs and reduce their ability to fund future expansion,” said the global credit rating agency.

NEW DELHI: Telecom operator Reliance Communications (RCom) on Friday said it has gained capability to provide 4G services across the country on the back of spectrum won by it in the recently concluded spectrum auction.

"RCom becomes India's first and only operator with nationwide footprint of contiguous 800/850 MHz spectrum. RCom operations now future-proofed across all circles for most advanced LTE technology at most optimal cost," the company said in a statement.

Amid a major crackdown on an alleged 'corporate espionage' syndicate, business conglomerate Reliance Group today said it is 'committed to propriety in all its business dealings' and group firm Reliance Power is fully cooperating with the authorities.

Reliance Communications has reported an 86 per cent year-on-year increase in its consolidated net profit to Rs 201 crore for the quarter ended December, on the back of high data usage and lower finance costs.

It had posted a net profit of Rs 108 crore in the same quarter previous year. The consolidated revenue increased by 5.4 per cent to Rs 5,435 crore in the quarter from Rs 5,157 crore in the same quarter previous year.

Mumbai, Feb. 10: Reliance Communications (R-Com) has joined hands with Facebook to offer free data access to 33 websites to its customers through Internet.org.

The facility will also be available to new customers of R-Com.

Mumbai: Anil Ambani-led Reliance Communications Ltd (R-Com) said on Friday that it has signed a five-year, multimillion dollar agreement with Avaya Inc., which will improve its call centre operations. The size of the deal was not disclosed.

Reliance Communications will have digitally enabled customer engagement call centres in the country powered by Avaya, which will provide better customer experience.

Reliance Communications (RCom) is aiming to bring down its record high debt of Rs 35,500 crore to less than Rs 20,000 crore in the next two years, Anil Dhirubhai Ambani Group (ADAG) chairman Anil Ambani said here on Tuesday.

Addressing successive annual general meetings of his group companies, Ambani said RCom would participate in spectrum auctions when they come up next year to launch fourth-generation (4G) telecommunications services in the country.

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