9 Oct 2008, 0131 hrs IST, Manika Gupta,TNN NEW DELHI: In a significant development, mining, exploration and refining sectors have been given core status, enabling firms operating in these areas to bring into the country larger amounts of overseas borrowing. The three sectors will be added to the list which includes: power, telecom, railways, road, sea port and airport, industrial parks, and urban infrastructure will also be allowed to bring in $500 million in funds borrowed overseas, up from the existing cap of $100 million. Under the new norms, companies borrowing over $100 million will be able to repay loans only after seven years. In other words, mining exploration and refining companies will be able to borrow for seven years. According to S Harishanker, Head-Infrastructure and Governance of KPMG, the move will give...
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