Indian mobile operator Aircel is planning to refinance US$500m through loans, according to a report in the Business Standard.
Citing a company official, Business Standard explains that the loans, described as external commercial borrowings (ECB) -…
Indian mobile operator Aircel is planning to refinance US$500m through loans, according to a report in the Business Standard.
Citing a company official, Business Standard explains that the loans, described as external commercial borrowings (ECB) – whereby an Indian company borrows in foreign exchange – will be used to refinance the debt taken for spectrum payments. Those payments amounted to about Rs. 100bn (US$2.1bn), according to Business Standard.
The newspaper goes on explaining that telco companies in the country have been allowed, by the Indian government, to refinance their loans for 3G and broadband wireless access (BWA) licences using ECBs.
The source cited by Business Standard also said that the company was not considering a listing in the near future to reduce its debt. But the company official added that promoters may inject equity into the company by the end of the year.
When contacted, Aircel declined to comment on this information.
