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Mumbai, Oct. 30

A total of 50 companies raised $2.83 billion through overseas borrowings in September, according to the Reserve Bank of India’s data on external commercial borrowings (ECBs) and foreign currency convertible borrowings (FCCBs).

According to the RBI data, 21 companies raised $370 million through the automatic route and $2.46 billion through the approval route. This is higher than in August, when corporates had raised $1.6 billion through ECBs and FCCBs.

Some of the companies that raised money through ECB included Reliance Industries ($1.65 billion for project), Gujarat State Petroleum Corporation ($325 million for import of capital goods), GTL Infrastructure ($175 million for rupee expenditure and import of capital goods) and Bhushan Power and Steel ($55 million for import of capital goods). –

Our Bureau

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