India Inc raises $4.3 bn via ECB

The money will be used to fund modernisation, foreign acquisitions, import of capital goods and onward lending

Indian companies raised $3.35 billion, through external commercial borrowings (ECB) in September, to fund modernisation, foreign acquisitions, import of capital goods and onward lending. The comparable figure for the previous month, according to the Reserve Bank of India (RBI) data, was $2.31 billion.

However, this also includes a foreign currency convertible bonds deal of $ 30 million. Of the total in September, $2.55 billion was raised through the approval route, which requires case-by-case approval from RBI.

The balance was raised through the automatic route.