Overseas borrowings drop to less than $1 bn in February
The overseas borrowings of India Inc have dropped to less than one billion dollars in February, although five companies have raised money from abroad to fund acquisitions during the month.
By PTI |
MUMBAI: The overseas borrowings of India Inc have dropped to less than one billion dollars in February, although five companies have raised money from abroad to fund acquisitions during the month.
According to the figures released by the Reserve Bank today, in February 51 Indian companies raised $810 million, down from $1.18 billion in January, through external commercial borrowings and foreign currency convertible bonds.
The external commercial borrowings by Indian companies stood at USD 2.26 billion in December, 2007 and USD 2.21 billion in November 2007.
Out of the 51 companies, five companies, including Grasim Industries and Karuturi Networks, raised money overseas to fund acquisitions.
The other companies which raised ECBs/FCCBs to fund overseas acquisitions are Evinix Accessories, Aries Agro and Gremach Infrastructure Equip & Proj.
Among the major companies which raised money through ECBs are Sintex Industries and NTPC.
The former borrowed the maximum USD 300 million for import of capital goods and overseas acquisitions, while the latter raised USD 101 million for import of capital goods.
The government has been trying to curb the inflow of capital to check appreciation on rupee against dollar.
It had earlier announced that not more than $20 million raised through ECBs can be brought back to India for rupee expenditure purposes. It had also made it mandatory for companies to obtain prior approval of the central bank before remitting more than $20 million.
According to the figures released by the Reserve Bank today, in February 51 Indian companies raised $810 million, down from $1.18 billion in January, through external commercial borrowings and foreign currency convertible bonds.
The external commercial borrowings by Indian companies stood at USD 2.26 billion in December, 2007 and USD 2.21 billion in November 2007.
Out of the 51 companies, five companies, including Grasim Industries and Karuturi Networks, raised money overseas to fund acquisitions.
The other companies which raised ECBs/FCCBs to fund overseas acquisitions are Evinix Accessories, Aries Agro and Gremach Infrastructure Equip & Proj.
Among the major companies which raised money through ECBs are Sintex Industries and NTPC.
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The former borrowed the maximum USD 300 million for import of capital goods and overseas acquisitions, while the latter raised USD 101 million for import of capital goods.
The government has been trying to curb the inflow of capital to check appreciation on rupee against dollar.
It had earlier announced that not more than $20 million raised through ECBs can be brought back to India for rupee expenditure purposes. It had also made it mandatory for companies to obtain prior approval of the central bank before remitting more than $20 million.
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