India Inc's ECBs drop 43% in March

India Inc raised more than $1.52 billion from foreign markets in March, down 43 per cent from $2.66 billion in the corresponding month in FY15, Reserve Bank of India data showed on Thursday.

Of the total borrowings during the month, $201.05 million was raised through approval route, while $1.32 billion came through the automatic route.

In the approval route, Adani Ports and SEZ raised $159.55 million for refinancing of earlier external commercial borrowings (ECBs), Air India borrowed $38.09 million for import of capital goods.

Tasty Bite Eatables raised USD 3.41 million for other purposes through the approval route.

In automatic category, major borrowers include Chambal Fertilisers and Chemicals USD 425 million for modernisation projects, General Motors India USD 164.72 million for general corporate purpose.

And Rural Electrification Corporation raised USD 120 million for refinancing of earlier ECB.