During the last week of September, the Reserve Bank of India (RBI) issued several notifications liberalizing its external commercial borrowing (ECB) policy, in particular for the infrastructure sector.
ECB limits under the automatic route have been enhanced for the real sector (industrial and infrastructure sectors) from US$500 million to US$750 million per financial year and for the hotel, hospital and software sectors from US$100 million to US$200 million per financial year.
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Refinancing of rupee loans: Companies in the infrastructure sector can now, under the approval route, use 25% of a fresh ECB to refinance existing rupee loans for capital expenditure of completed infrastructure projects. The remaining 75% must go towards capital expenditure in infrastructure projects.
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Ameya Khandge (Ameya.Khandge@trilegal.com) is a partner at Trilegal in Mumbai where Siddharth Saxena (Siddharth.Saxena@trilegal.com) is an associate. Trilegal is a full-service law firm with offices in Delhi, Mumbai, Bangalore and Hyderabad and has over 140 lawyers.
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