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| Vodafone-Essar, AI top ECB users in Jan |
| BS Reporter / Mumbai Mar 03, 2009, 00:53 IST |
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Indian companies, led by Vodafone-Essar and Air India, raised $1.34 billion (Rs 7,030 crore) through external commercial borrowings in January, the Reserve Bank of India said today.
Of this, $764.08 million (around Rs 4,000 crore) was raised through the automatic route and $573 million (around Rs 3,000 crore) via the approval route. In December, companies had raised $1.67 billion (Rs 8,762 crore based on present exchange rate) through ECBs. Companies, however, continued to refrain from borrowing through foreign currency convertible bonds in January.
| THE BIG BORROWERS |
| Company |
Amount (in $ mn) |
Tenure (in months) |
| National Aviation Co |
364.18 |
145 |
| Air India Charters |
183.95 |
147 |
| Vodafone-Essar Spacetel |
184.00 |
65 |
| Vodafone-Essar South |
157.65 |
65 |
| Vodafone-Essar Cellular |
95.77 |
65 |
| Vodafone-Essar Digilink |
34.87 |
65 |
| Vodafone-Essar |
24.69 |
65 |
| Vodafone-Essar Gujarat |
23.36 |
65 |
| Source: RBI |
Vodafone-Essar was the largest borrower, raising $520.34 million (Rs 2,730 crore) for import of capital goods for various circles. The tenure of the loans raised through the automatic route was 65 months. In addition, Great Offshore ($52 million or Rs 273 crore) and Greatship (India) raised $24.16 million (Rs 127 crore) for import of capital goods.
Through the approval route, National Aviation Company, which operates air services under the Air India brand, raised $364.18 million (Rs 1,911 crore) for a tenure of 145 months to import capital goods. Air India Charters too accessed overseas loans worth $183.95 million (Rs 965 crore) for the same purpose but the tenure was 147 months.
In addition, Posco India Pune Processing Centre raised $10 million (Rs 52 crore) for modernisation.
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