Telcos allowed to refinance auction debt with offshore loans
The government allowed telecommunications companies to raise loans from offshore markets to refinance debt for funding a 2G airwave auction that starts on Monda
The government allowed telecommunications companies to raise loans from offshore markets to refinance debt for funding a 2G airwave auction that starts on Monday.
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The Reserve Bank of India will issue a formal notification on this within a week, a government statement said.
India is selling second-generation mobile phone airwaves for the first time through an auction after a court order. The base price for the auction has been set at more than seven times what carriers paid in earlier state grant process.
Reuters
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