India plans masala bond sale in London and Singapore
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New Delhi
INDIA plans to sell as much as 50 billion rupees (S$1.04 billion) of offshore rupee bonds in London and Singapore and use the proceeds to accelerate construction of roads and ports in Asia's third-largest economy.
State-owned National Highways Authority of India will raise the funds, Transport Minister Nitin Gad-kari said, adding that the masala bonds are expected to be priced at 7.25 per cent. The sale, which will be done in phases, will be the largest such issuance by a state-run firm since NTPC Ltd, the country's biggest power producer, raised 20 billion rupees in August.
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