India may issue $5 billion bonds next year with no FPI cap

India is likely to issue at least $5 billion worth of bonds with no limits on foreign investment next year, in a bid to list the bonds on global indices and attract more foreign funds, according to two finance ministry sources.

India's government is likely to issue the bonds in several tranches of at least $400 million each, one source said. "We have spoken to major index operators and we will start pushing these bonds in tranches very early in the first half of the next fiscal year itself," the first official said.

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