BPCL, ONGC pip Reliance in overseas fundraising

Thanks to aggressive acquisition of oil assets abroad, government-owned BPCL and ONGC are set to overtake Reliance Industries in overseas fundraising in 2016-17. Reliance was the topper among corporate India in raising funds during the past five years.

The change in the league tables comes against a backdrop of a slowdown in fundraising by Indian corporates during the year. Overseas fundraising by Indian companies slowed to $19.02 billion in 2016-17 from $21.06 billion in 2015-16.

BPCL and ONGC raised $4.9 billion in 2016-17 against $1.65 billion raised by Reliance. ONGC raised $2 billion and State Bank of India raised $1.7 billion.

Analysts said