Business Daily from THE HINDU group of publications
Tuesday, Dec 18, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Dec 18, 2007 ePaper | Mobile/PDA Version |
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Overseas Borrowings Corporate - Overseas Investments Mid-cap cos opt for overseas borrowing to fund foreign buys
Ambarish Mukherjee New Delhi, Dec. 17 Medium-sized Indian companies, like their bigger counterparts, have found strong support from foreign lenders in their overseas ventures during the current financial years. In small quantitiesA total of 34 Indian corporates have borrowed approximately $2.2 billion from foreign lending institutions between the January-October period, solely for overseas acquisitions. While big companies such as Tata Steel, Suzlon Energy, Rolta India, have borrowed hundreds of million of dollars to fund their overseas acquisitions, medium-sized companies too, have not been left behind though their borrowings levels had been in smaller quantities. Gems and jewelleries manufacturer, Shrenuj & Company, has borrowed $15 million for acquiring Simon Golub & Sons in the US. Similarly, Maneesh Pharmaceuticals has gone for external commercial borrowings (ECBs) of $20 million to acquire LASA in Brazil. Medium-sized engineering companies such as Suprajit Engneering and Batliboi Ltd also have taken the ECB route and raised $3.1 million and $4.5 million from overseas lenders to acquire CTP Gills cables in the UK and Quick Mills Inc in the US, respectively. Other medium-sized companies such as Alok Industries, Vaibhav Gems, Associated Capsules, Kern-Liebers, Educomp, Bilcar, Accentia Tecghnologies etc too, have joined the bandwagon. Out of the 34 companies that have taken the ECB route to fund their overseas acquisitions, 17 companies have borrowed less than $20 million. Large borrowersAmong the large borrowers, Tata Steel tops the list with $1,075 million followed by L&T ($150 million) and Rolta India ($150 million). The other big borrowers include 3i Infotech (139.7 million), Rain Calcinating (97 million), Pyramid Saimira (90 million) and Educomp Solutions ($80 million). Overseas borrowings continue to grow ‘FCCB issuances this year slowing down’ More Stories on : Overseas Borrowings | Overseas Investments
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