 "Renewable sector jittery on new external commercial borrowings norms")
The restructuring of External Commercial Borrowings (ECB) norms by the Reserve Bank of India (RBI) has rattled the infrastructure industry, especially the renewable sector. Highly dependent on the ECB for refinancing due to lack of domestic source, the solar and wind sector would be deeply impacted, industry executives said.
According to the new norms, which were released last week, Tracks I and II under the existing framework are merged as “Foreign currency-denominated ECB” and Track III and Rupee Denominated Bonds framework are combined as “Rupee-denominated ECB”. This means, the current four-tiered structure has been replaced.
The permissible end use of
