Comments
India Inc raised over $5.63 billion overseas in March through external commercial borrowings (ECB), the Reserve Bank said today.
Around 90 companies raised over $2.90 billion for various projects through the automatic route, which does not require the Reserve Bank’s or the government’s approval.
Besides, as many as 11 firms raised around $2.73 billion under the approval route, according to the RBI data.
Reliance Telecom and Reliance Communications mopped up $300 million each for their telecommunications projects through ECB during the month.
JSW Steel raised $280 million via ECB for its modernisation project.
Corporates registered under the Companies Act, 1956, can access ECB up to $500 million in a financial year under the automatic route. ECBs are used as an additional source of funding by Indian corporates.
Other major fund raisings in March using the automatic route were undertaken by Infrastructure Development Finance Co which raised $250 million for onward lending. Bhushan Steel mopped up $125 million for its rupee expenditure.
FMCG major Nestle India too raised $450 million for import of capital goods.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.