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To facilitate long-term fund raising by infrastructure companies, industry body Assocham has demanded easing of end-use restrictions for issuance of commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs). “Assocham has recommended permitting infrastructure companies to use the proceeds of the ECBs/FCCBs for repayment of rupee loans and for infusion of capital into project special purpose vehicles (SPVs)/sector holding companies in form of equity/debt/subordinate debt,” the chamber said in a note submitted to Finance Minister Arun Jaitley. The industry body pointed out that many global sovereign wealth funds (SWFs) are approaching infrastructure companies for ECBs/FCCBs funding which can be a good source of foreign exchange inflows to India.
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