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Chennai, Aug 22

As many as 72 Indian companies borrowed $1.05 billion (about Rs 4,600 crore) overseas during June 2006, according to data released by the Reserve Bank of India. These companies have borrowed about $4.4 billion or Rs 20,000 crore in the first quarter of this fiscal. Indian companies had borrowed abroad the equivalent of about Rs 78,000 crore last fiscal.

The top borrowers in June were Amtek Auto ($250 million) and Jain Irrigation ($60 million). Six companies including Amtek Auto used the Foreign Currency Convertible Bond (FCCB) route to raise money abroad.

(This article was published in the Business Line print edition dated August 23, 2006)
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