Telecos allowed to raise ECBs to pay for 2G spectrum

Nov 09 2012, 13:50 IST
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Govt has allowed telecommunications companies to raise loans from offshore markets to refinance local debt for funding the spectrum auction.  (Reuters) Govt has allowed telecommunications companies to raise loans from offshore markets to refinance local debt for funding the spectrum auction. (Reuters)
SummaryGovt has allowed telecommunications companies to raise loans from offshore markets to refinance local debt for funding the spectrum auction.

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.

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