Under the proposed new arrangement, the Reserve Bank of India would buy the dollars from authorised currency dealers, instead of the Indian oil buyers tapping the currency market.
A sukuk issue is still in the early stages of discussion but would likely be in the 2015 fiscal year, which starts next month, an IFC spokesperson said.
The level of Aabar’s stake in Arabtec is important because the deep-pocketed fund has backed the construction firm’s expansion to become one of the region’s largest builders.