ECBs allowed for M038;A: RBI

Further liberalising its norms for tapping international markets, the Reserve Bank of India permitted eligible resident corporates to raise external commercial borrowings ECBs for overseas direct investment in joint ventures or wholly owned subsidiaries, including mergers and acquisitions. This decision will enable Indian corporates to become global players by facilitating their overseas direct investment, it said. RBI said that this measure would also facilitate corporates to undertake fresh investment or expansion of existing jv/wos, including mergers and acquisitions abroad, by harnessing resources at globally competitive rates.