Indian companies raise $3.84 bn from overseas in March

MUMBAI: Indian companies raised $3.84 billion from overseas in March, up 48 per cent from $2.6 billion in the previous month, the Reserve Bank said today.

As many as 126 deals were carried out in which borrowers raised the money through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), according to the data released by RBI.

The borrowing from the overseas market over the month comprised of $3.2 billion through automatic route and $632.15 million via approval route, it said.

Rural Electrification Corp, Reliance Industries, Sasan Power, Mangalore Refinery & Petrochemical, Bhushan Steel, Idea Cellular, Adani Power Rajasthan, General Motors India were among the major borrowers from the overseas market during the month.

Rural Electrification Corp raised a total of $448.92 million in two separate tranches via approval route for its power projects.

Reliance Industries raised $391 million for import of capital goods via automatic route over the month. Bhushan Steel raised $290 million for rupee expenditure and Mangalore Refinery & Petrochemical raised $250 million for modernisation projects.

Telecom firm Idea Cellular raised $150 million and Adani Power Rajasthan raised $145 million through automatic route. General Motors India raised $133.08 for imports of capital goods from the automatic route, it said.