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| India Inc overseas borrowing down 9% to $2.35 bn in Nov |
| Press Trust of India / Mumbai Dec 23, 2009, 20:25 IST |
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Overseas borrowing by India Inc declined by around 9 per cent in November to $2.35 billion compared to the previous month.
The total overseas loans raised by around 50 firms through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) slipped from $2.58 billion in October to $2.35 billion in November, according to the ECB data released by the Reserve Bank of India (RBI) today.
Of the total borrowings, $1.63 billion was raised through approval route and $721 million was mopped up via automatic channel.
The ECB and FCCB data for November showed that most of the companies raised overseas funds for import of capital goods, modernisation, projects, overseas acquisition, refinancing of old loans, among other things.
Of the $2.35 billion, the maximum $1 billion was borrowed by Tata Steel through FCCB under the approval route for refinancing old loans.
Besides, another Tata Group company Tata Power raised $300 million through the FCCB route.
For import of capital goods, Bhushan Power and Steel borrowed $175 million, while Rei Agro raised $105 million through ECB route.
Other companies which borrowed during the month include Sterling Biotech, SREI Infrastructure, Hindustan Construction and Toshiba JSW Turbine and Generator.
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