Itc Applies For $85m Ecb

ITC has applied to the finance ministry for permission to raise an external commercial borrowing of $85 m, sources said yesterday. The company is raising the ECB as part of its Rs 1,900 crore investment plan for 5 years. ITC's debt-equity ratio is at present at a healthy 0.53:1, leaving considerable room for further borrowings. The ECB is expected to fund major investments.in the major businesses such as tobacco, hotels, paper, printing and packaging.

Besides, the tobacco major also needs to fund its beleaguered financial services associate ITC Classic.