Indian companies have raised a record high of $38.5 billion to fund their upcoming and current projects so far this year, making the country the leader in the Asia Pacific region in the syndicated loan space, global deal tracking firm Dealogic said today.
"This year's syndicated loan volume has surpassed the previous high of $38.1 billion achieved in full year 2007 and accounts for 23 per cent of Asia Pacific's," Dealogic said.
India syndicated loan volume has reached a total of $38.5 billion through 108 deals so far this year, up 17 per cent from its year ago level.
Syndicated loans are large financing facilities granted to a borrower by a group of financial institutions who share the lending risk between them. They combine the commercial financing relationship between a bank and its client with the features of market traded debt.
Volume from Indian companies has surpassed Australia, where syndicated loan volume amounted to $36.5 billion and has become the leading nation in Asia, Dealogic said, adding that Indian companies raised money mainly to fund their upcoming as well as current projects.
Dealogic said loans for project finance purposes accounted for the majority of total India loan volume (78 per cent) and stood at $30.2 billion through 62 deals since the beginning of this year.
