Uninor for easing ECB norms
By ENS Economic Bureau - HYDERABAD
13th September 2012 10:02 AM
Citing banks reluctance to lend money to telecom sector, Uninor, on Wednesday said it was in dialogue with the Ministry of Finance (MoF) and DoT to relax norms pertaining to external commercial borrowings (ECBs).
Currently, the government cap through the ECB route stands at $750 million and companies can raise this capital only for capex and spectrum purchase.
“We had several meetings with the government on ECB norms. The reason for this is that the banks are still reluctant to lend money to telecom sector. And if we don’t have access to capital, it’ll be difficult to pay up for spectrum allocation,” said Sigve Brekke, MD & Executive Director, Uninor, which is planning to participate in the upcoming 2G auction in November.
It may be mentioned that Uninor’s 22 licences were scrapped following the Supreme Court’s order in the 2G spectrum allocation case. Companies interested in buying spectrum through the auction will have to submit their application by October 19. The bidding for the airwaves is scheduled to start from Nov 12.
- Not a drop of Cauvery for people on its banks
- Dalit discrimination 'forms' in colleges
- Marine turtles giving Kerala a miss
- New mango named Nirbhaya after gang-rape victim
- Shortage of essential TB drug heightens risk to patients, others
- Four years of UPA-II
- Nine years as PM: What will be Manmohan Singh's legacy?
- Maharashtra’s aid to digitise rare manuscripts in Thanjavur
- CM can go his way: Ramesh Chennithala
- Names of UPA ministers will surface in IPL spot-fixing: Swamy
- Knowledge and faith
- BrahMos missile test fired from Russian warship
- BSNL Ernakulam posts Rs 390-crore turnover
- Incredible India! Cuppa at Rs 1,200 is Chiru’s idea of sustainable tourism
- IPL ban, takeover of BCCI sought
- Yasin Malik’s support for Sri Lanka Tamils a sham