India expands core sector with mining, refining

India's government on Tuesday added mining, exploration and refining to its definition of the infrastructure sector, enabling firms operating in these areas to bring into the country larger amounts of overseas borrowing.
A finance ministry statement said the three would be added to a list which includes: power, telecoms, railways, roads, sea ports and airports, industrial parks, and urban infrastructure. The government last month said it would allow local infrastructure companies to bring in $500 million in funds borrowed overseas, up from the existing cap of $100 million.