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Indian companies raised $1.9 billion through external commercial borrowing (ECB) and foreign currency convertible bonds (FCCB) in June to fund modernisation, foreign acquisition, importing of capital goods and refinancing of old loans, compared to $1.99 billion in June 2012.
According to Reserve Bank of India (RBI) data, companies raised $1 billion via the automatic route and another $946 million through the approval route that requires case-by-case approval from RBI.
Under the approval route, Reliance Industries Ltd raised $487 million for importing capital goods.
Under the automatic route, Gujarat’s Pipav Port raised $152 million. Other major companies which raised money abroad include Essar Oil ($100 million for modernisation) and Renault Nissan Automotive ($101 million for importing capital goods). There was a single FCCB issuance during the month. Fortis Healthcare raised $50 million for investment abroad.
