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Overseas borrowing norms relaxed for 2G spectrum bidders
Friday November 09, 2012 06:53:21 PM,
IANS
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New Delhi: The
government Friday relaxed the external commercial borrowing (ECB)
norms for companies that will participate in the 2G spectrum
auction next week.
"The successful bidders in the 2G auction would be eligible to
refinance their Rupee loans availed of from the domestic lenders
for making the upfront payment with a long-term ECB, under the
automatic route subject to certain conditions," the finance
ministry said in a statement.
The auction for GSM spectrum in the 1800 Mhz band will start Nov
12 and for CDMA spectrum in the 800 Mhz will be done two days
after the GSM auction is complete.
The government's move is aimed at reducing the cost of money to be
paid in the auction and making the participation easier.
As per the extant policy, eligible borrowers in the
telecommunication sector are permitted to avail of ECB for the
purpose of payment for spectrum allocation, under the automatic
route.
"Consequent upon a review and in order to develop the telecom
sector in the country, the government, in January 2010, had
provided a window of 12 months to the successful bidders of 3G
auction to refinance the Rupee loans," the ministry said.
The Reserve Bank of India (RBI) is expected to issue a relevant
circular giving effect to the liberalised policy within a week,
the ministry said.
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