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India allows telcos to refinance airwave auction debt with offshore loans
November 9, 2012 / 6:42 AM / 5 years ago

India allows telcos to refinance airwave auction debt with offshore loans

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.

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

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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