The Hindu Business Line : Cos borrowed $ 3b overseas in April, May

Indian Companies borrowed $3.36 billion (equivalent to Rs 15,450 crore) overseas during the first two months of the fiscal 2006-07. To put that in perspective, banks have lent about Rs 50,000 crore during the first four months of the fiscal.

According to data on external commercial borrowings put out by Reserve Bank of India, about 60 companies borrowed $1.32 billion in April 2006 while about 75 companies borrowed $2.04 billion in May 2006.

These figures represent a significant increase compared to the overseas borrowings made by Indian companies in the previous corresponding period. In April 2005, 48 companies had borrowed $544 million while in May 2005, 44 companies had borrowed about $721 million.

Indian companies had borrowed about $17 billion (or about Rs 78,200 crore) overseas during fiscal 2005-06.

The top borrowers in the month of April were MMD Health Care ($300 million), Mahindra and Mahindra ($200 million) and Bharati Shipyard Ltd ($100 million).

In May, the top borrowers were Reliance Natural Resources ($250 million), Jubilant Organosys ($200 million), Auro Pharma ($130 million).

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