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

Related Topics

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

BACK IN JAIL

REUTERS SHOWCASE

Modi Hurdle

Modi Hurdle

Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle.  Full Article 

USL Board

USL Board

Diageo bars United Breweries from appointing independent director at United Spirits.  Full Article 

Amazon in India

Amazon in India

Amazon to sell packaged food and beverages in India - Economic Times.  Full Article 

iOS 8 Issue

iOS 8 Issue

iOS 8 causing Bluetooth connectivity issues - Apple news blog  Full Article 

NYT Job Cut

NYT Job Cut

New York Times to cut jobs as new products disappoint  Full Article 

Factory Activity

Factory Activity

Factories expand at slowest pace this year in September  Full Article 

Monetary Policy

Monetary Policy

RBI not biased towards either raising or cutting rates - Rajan  Full Article 

Weak Demand

Weak Demand

Weak demand hits factory activity across Asia, Europe  Full Article 

Pimco Fund

Pimco Fund

Pimco Total Return Fund posts record $23.5 bln net outflow in Sept  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage