India Inc's ECB static at $3.72 bn in July

India Inc raised the amount by way of both External Commercial Borrowings and Foreign Currency Convertible Bonds

Borrowings by Indian companies from foreign markets remained unchanged from a year ago at $3.72 billion in July, data released by Reserve Bank of India (RBI) on Monday showed.

Indian companies had raised $3.7 billion from foreign markets in the year-ago period.

India Inc raised the amount by way of both External Commercial Borrowings (ECBs) and Foreign Currency Convertible Bonds (FCCBs).

Of the total borrowings during the month under review, $1.16 billion was raised through the approval route, while $2.56 billion came through the automatic route.

As many as 58 companies raised money through the automatic route and eight firms raised via the approval route, showed RBI data.

Through the automatic route, ONGC Videsh Ltd (OVL) raised $2.21 billion for refinancing of earlier ECB in three separate tranches.

However, RBI said it has sought clarification from OVL for conformity with end-use requirement, eligibility to borrow and other parameters of ECB. Among others, Greatship (India) Ltd raised $88.98 million for refinancing of earlier ECB, Aditya Birla Nuvo $22.7 million for ECB refinancing, and Ferrero India $40.66 million for import of capital goods.

In the approval route category, Suzlon Energy raised $546.92 million for refinancing of earlier ECB, and both Rural Electrification Corporation Limited and PNB Housing Finance raised $400 million $100 million, respectively for the purpose of sub-lending.

State run carrier, Air India Ltd raised $99.5 million for import of capital goods.