Telecom operators seek relaxation of ECB norms (India)
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Given the liquidity crunch on account of the global financial crisis, telecom operators have approached the finance ministry seeking further relaxation in norms in order to raise funds through the external commercial borrowing (ECB) route. In a joint letter to the Ministry of Finance, the Cellular Operators Association of India (COAI) and the Association of Unified Telecom Service Providers of India (AUSPI) have asked for the limit of $500 million per borrower per financial year to be increased to equal the total cost of acquiring spectrum for 3G mobile services. The move comes after the Reserve Bank of India (RBI) announced that telecom operators could raise as much as $500 million through the ECB route to bid in the 3G auction. The two associations have also asked that funds raised through the ECB route should be allowed to be used for acquiring spectrum for broadband wireless services as well.
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