Vodafone navigates archaic Indian rules

摘要

In the tense relationship between foreign firms and Indian regulations, the deck is usually stacked against the outsider. However, a recent offering of rupee bonds from the vodafone group demonstrates how a foreign-owned borrower can navigate the maze of debt rules. Earlier this month, the London-listed firm became the first offshore company to tap the Indian bond market to fund its operations in the country, where it is the second largest telecom operator. Eschewing the traditional commercial borrowing route, three of Vodafone's local units issued a combined Rs75bn (US$1.2bn) of subordinated bonds. The parent acquired most of the paper.