Chiranjeevi welcomes RBI's decision to allow hotels to repay loans through ECBs

Last Updated: Thu, Jan 31, 2013 08:00 hrs

Union Tourism Minister Chiranjeevi has welcomed the decision of the Reserve Bank of India (RBI) to allow Indian companies in the hotel sector to avail benefits under the External Commercial Borrowings (ECB) scheme to repay their outstanding rupee loans and or to finance fresh capital expenditures.

In a statement issued here today, Chiranjeevi said "amended guidelines which came into force with immediate effect will greatly help the Indian companies in the hotel sector as they would now be eligible to borrow under this scheme for projects costing INR 250 crore or more irrespective of geographical location which would make the implementation of hotel projects in the country more viable and cost effective". (ANI)

More from Sify: