RBI gives manufacturers access to ECBs

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The Reserve Bank of India (RBI) has decided to allow developers of India’s national manufacturing investment zones (NMIZs) to use external commercial borrowings for infrastructure projects within the zones. In a circular dated 29 February, the RBI stated that developers of NMIZs could obtain ECBs under the approval route for infrastructure developments specified within the Master Circular on External Commercial Borrowings and Trade Credits, published on 1 July 2011.

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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.

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