India Inc raised $1.15 bn from foreign markets in Dec

Indian companies raised about $1.15 billion from foreign markets in December, lower than the $1.35 billion raised in the previous month, RBI data showed today. The amount was raised through external commercial borrowing (ECB) and foreign currency convertible bond (FCCB) by 50 companies. Of the total, $825.26 million was raised through automatic route, while $321.01 million was raised via approval route. Many firms, including Air India, Essar Steel, Jamshedpur Continuous Annealing & Processing Company, Adani Ports & Special Economic Zone, Sintex Industries Ltd and Hindalco Industries, raised money from markets abroad in December.

Air India raised $90 million each in two separate tranches through approval route for import of capital goods. Essar Steel India Ltd raised $95 million in two different tranches via approval route for refinancing of rupee loans, and $50 million via automatic route for rupee expenditure.

Sintex Industries raised $120 million for modernising projects, while Hindalco Industries Ltd raised $100 million for import of capital goods. Jamshedpur Continuous Annealing & Processing Company raised $100 million for new project and Adani Port & Special Economic Zone garnered $40 million for port development, RBI said.