India Inc raised $1.93 billion from abroad in October: RBI data

MUMBAI: Indian companies raised $1.93 billion from overseas markets in October through external commercial borrowings and foreign currency convertible bonds, according to RBI data.

In September, the domestic firms had raised $3.35 billion from abroad.

As many as 52 Indian companies raised money from external sources in October, of which $719.52 million was raised through automatic route for which no approval is required from the Reserve Bank of India (RBI) or the government. While, 12 firms raised a total of $1.21 billion through approval route.

Under the approval route, Bharat Petroleum Corporation raised $500 million for working capital requirement, Tata Chemicals and Tata Sons raised $190 million and $150 million respectively for refinancing of earlier external commercial borrowings (ECB).

Bhushan Power & Steel raised $114.82 million for refinancing of earlier loan, while Air India raised $95 million for imports of capital goods.

Under the automatic route, Bhushan Power & Steel raised $232.05 million for import of capital goods, Bharat Forge and Bharat Oman Refineries raised $120 million and $70 million respectively for refinancing of earlier ECBs.

Among others, Renew Wind Energy (Devgarh) raised $48 million for its power projects, Torrent Pharmaceuticals $45 million for rupee expenditure.