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Our Bureau

Mumbai, Dec. 13

Neotel, the South African arm of Videsh Sanchar Nigam Ltd (VSNL), has signed a Rs 1300-crore bridging debt facility with a funding consortium comprising Nedbank Capital, Investec Bank Ltd and the Development Bank of Southern Africa. The consortium will part finance Rs 900 crore of the debt while the Industrial Development Corporation of South Africa will offer Rs 400 crore. The debt will be provided on a project finance basis with a term of 18 months, VSNL said in a filing with the BSE. After 12 months, Neotel will refinance the debt with a long-term facility worth more than Rs 2600 crores. The funds will be utilised for Neotel's network rollout, which already consists of 1,300 km of optic fibre cable in 6 main metropolitan areas. This was purchased from Transnet for Rs 165 crore earlier this year.

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