NEW DELHI 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)
Trending On Reuters
A nation-wide bank strike in India hit the public transactions like cheque clearances and cash deposits, but the vital treasury operations including a 150 billion rupee ($2.24 billion) government bond auction are unlikely to be affected, traders said. Full Article