Business Daily from THE HINDU group of publications
Friday, Mar 28, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Mar 28, 2008 ePaper | Mobile/PDA Version |
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Corporate Corporate - Overseas Borrowings About 532 cos borrow $25 b overseas 
Our Bureau Chennai, March 27 About 532 companies have borrowed a little over $25 billion (or about the equivalent of Rs 1 lakh crore) through external commercial borrowings (ECBs) during the first 10 months of the current fiscal according to information released by the Reserve Bank of India. That’s about one third of the domestic borrowings from banks this fiscal. In the entire previous fiscal year, about 921 companies had borrowed $25 billion abroad. About a third of this came in the last two months of that fiscal. 
During the three months period (November, December 2007 and January 2008) alone, borrowings have been of the order of $6 billion by 148 companies. If that trend continues, the Government will have to revise the cap on ECBs upwards once again. Overall, the number of companies tapping overseas lenders has come down, partly due to some tightening by the RBI. With a deceleration in credit offtake, (during this fiscal domestic loans have grown by a little over Rs 3 lakh crore), authorities were probably not too keen to encourage overseas borrowing. More Stories on : Corporate | Overseas Borrowings
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