Indian firms like Reliance Industries and Oil India borrow $3.2 billion in April from overseas markets

MUMBAI: Indian firms including Reliance Industries and Oil India raised $ 3.2 billion overseas via external commercial borrowings (ECBs) and foreign commercial convertible bonds (FCCBs) in April.

Indian companies had raised $ 1.13 billion from foreign markets in April last year.

According to the Reserve Bank of India data, Indian firms raised $ 1.53 billion through the approval route, while $ 1.68 billion was raised by way of automatic route.

Those raising money from overseas markets through approval route included RIL, which raised $ 550 million and $ 500 million in two tranches for import of capital goods.

Ford India Pvt Ltd borrowed $ 414.2 million by approval for its capital goods imports need.

From the automatic route, state-run oil exploring company Oil India Ltd raised $ 500 million each in two separate tranches to refinance its earlier ECB.

Gujarat State Petroleum Corporation Ltd raised $ 250 million for mining, exploration and refining, while KSK Mahanadi Power Company raised $ 100 million for import of capital goods, showed the RBI data.

Among others, Pipavav Defence and Offshore Engineering Company raised $ 68 million for import of capital goods and Honda Cars India raised $ 30 million for rupee expenditure.

India Inc had raised $ 33.25 million through ECBs/FCCBs in the 2013-14 fiscal.