India Inc raises $2.3 bn in August via ECBs, FCCBs

MUMBAI: Indian companies raised over $2.31 billion from overseas markets in August through external commercial borrowings and foreign currency convertible bonds, the Reserve Bank said today.

In July, the domestic companies had raised $3.71 billion through ECB and FCCB routes.

Of 49 companies, seven raised about $1.21 billion through the approval route in August; the rest raised $1.1 billion under the automatic route which does not require approval from the RBI or the government.

In all, 48 companies raised the money via ECBs while only one firm raised floated FCCBs.

Through the approval route, Indian Oil Corporation raised $500 million. Ford India and Reliance Industries raised $237.31 million and $200 million respectively for rupee expenditure, while Air India raised $190 million for import of capital goods.

Under the automatic route, Larsen & Toubro raised $280 million in five tranches for financing of old loans, Bharti Airtel raised $234 million for telecom business, while Huawei Technologies India raised $100 million for new project.

Among others, Bhushan Power & Steel raised $93.23 million, Toshiba JSW Turbine and Generator $50 million for modernisation and Fortis Healthcare raised $30 million for overseas acquisition through the approval route.