India Inc In Rush To Raise Yen Loans

After a long lull, the external commercial borrowings (ECB) market is heating up. Housing loan major Housing Development Finance Corporation (HDFC) and LIC Housing Finance are raising $150 million. Infrastructure Leasing & Financial Services Limited (IL&FS), too, is planning to raise $40 million through the ECB route while Industrial Development Bank of India has already kicked off road shows to raise $100 million.

HDFC, ILFS and LIC Housing Finance are raising ECBs in Japanese yen. IDBI, however, is raising a dollar loan.

A high-level team headed by HDFC Chairman Deepak Parekh and Managing Director Keki Mistry is currently overseas hosting road shows to raise $100 million. HDFC is raising money at an