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Apr 19, 2012, 06.53 PM IST
The Ministry of Civil Aviation (MoCA) and airlines have sought clarity of external commercial borrowing (ECB) norms for the sector from the finance ministry.
In the Budget for 2012-13, Finance Minister Pranab Mukherjee had proposed to permit upto USD one billion ECB for working capital requirements of the airline industry. The ECB route for the sector is being considered at a time when the government is actively considering a proposal to allow foreign airlines to buy up to 49% equity of domestic carrier.
ECBs will help cash-strapped private carriers, like Kingfisher Airlines and its peers to raise working capital from abroad.
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