RCom to raise Rs.6,300 crore

The Anil Ambani-controlled Reliance Communications (RCom) plans to raise around Rs.6,300 crore for scaling up its wireless and enterprise business, internally branded as ‘Edge 2010’. “With the Rs 6,300 crore, along with Rs 4,400 crore cash and cash-equivalents, RCom would be ready with Rs 10,500-crore war chest to get a significant edge in a competitive marketplace,” a company executive said on condition of anonymity. Besides, this financial war chest of Rs 10,500 crore will ensure adequate funds for the forthcoming 3G auctions and to upgrade its 3G-ready GSM and CDMA networks, the executive said.