India allows $1 bln overseas borrowing for airline industry
NEW DELHI (Reuters) - India has allowed aviation companies to borrow up to $1 billion from overseas to meet their working capital requirement for one year, the finance ministry said in a statement on Thursday.
Finance Minister Pranab Mukherjee had proposed the move in his federal budget for 2012/13 that was announced in March.
The statement also said the Reserve Bank of India would consider relaxation in average maturity of overseas borrowing above $20 million from 5 to 3 years for the aviation sector.
(Reporting by Arup Roychoudhury; editing by Malini Menon)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Prime Minister Narendra Modi has taken direct control of a project-monitoring body to fast-track investments worth almost $300 billion and revive manufacturing in the country, two officials with direct knowledge of the matter told Reuters. Full Article