India corporates raise $507 million through ECB/FCCB

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The Indian corporate sector raised $507,395,028 last month through external commercial borrowings (ECB) and foreign currency convertible bonds (FCCB), the Reserve Bank of India (RBI) said Monday.

Releasing the ECB/FCCB data for August, the central bank said the amount raised through automatic route was $453,287,594 and the sum raised through the approval route was $54,107,434.

Some of the corporates that have raised money are Bharat Forge Ltd, Raks Pharma, JSWSteel, Capturesolar Energy, Advanced Medtech Solutions, Sesa Sterlite Ltd, Perkins India, SCA Hygiene Products, Scania Commerical Vehicles and Denso Haryana.

The purpose for which the ECB and FCCB are raised are for general corporate purpose, import of capital goods, setting up of new projects, modernisation and others.