Indian cos raise Rs 23,000 cr from overseas markets in Oct

Indian companies raised $4.29 billion (about Rs 23,300 crore) from overseas markets in October, up from $2.77 billion (around Rs 15,000 crore) in the previous month.

The money was raised through external commercial borrowings and foreign currency convertible bonds.

During the month, 90 Indian companies, including Reliance Industries, Bharat Petroleum Corp, Indian Oil Corp, Steel Authority of India Ltd, Air India, Indian Railway Finance Corporation and Idea Cellular raised money from overseas market, according to the RBI data released today.

Four entities raised about $1.89 billion through the approval route.

Under the automatic route, 86 companies raised about $2.41 billion through ECBs/FCCBs.

Reliance Industries raised $1.5 billion for import of capital goods, Bharat Petroleum raised $500 million for mining, exploration and refining activities.

Indian Oil Corp raised $326.62 million for import of capital goods, Indian Railway Finance Corporation raised $300 million for railways expenditure, and Steel Authority of India Ltd raised $150 million for modernisation programmes.

Michelin India and Tamilnadu Tyres raised $129.66 million for its new project, Larsen and Toubro raised $100 million for rupee expenditure.

Telecom firm Idea Cellular also raised $100 million for import of capital goods and Air India raised $90 million for import of capital goods.