India allows telcos to refinance airwave auction debt with offshore loans

NEW DELHI Fri Nov 9, 2012 12:07pm IST

A vendor speaks on his mobile phone as he waits for customers at his roadside shop selling clothes in Mumbai February 2, 2012. REUTERS/Danish Siddiqui/Files

A vendor speaks on his mobile phone as he waits for customers at his roadside shop selling clothes in Mumbai February 2, 2012.

Credit: Reuters/Danish Siddiqui/Files

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NEW DELHI (Reuters) - The government on Friday allowed telecommunications companies to raise loans from offshore markets to refinance local debt for funding an airwave auction that starts on Monday.

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. (Reporting by Manoj Kumar; Writing by Rajesh Kumar Singh; Editing by Devidutta Tripathy)

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