Millennium Post
Business

India Inc’s August receipts via ECBs, FCCBs drop 38 per cent

Indian companies raised over $2.31 billion from overseas markets in August through external commercial borrowings and foreign currency convertible bonds, the Reserve Bank said on Thursday.

In July, the domestic companies had raised $3.71 billion through ECB and FCCB routes. Of 49 companies, seven raised about $1.21 billion through the approval route in August; the rest raised $1.1 billion under the automatic route which does not require approval from the RBI. In all, 48 companies raised the money via ECBs while only one firm raised floated FCCBs.

Through the approval route, Indian Oil Corporation raised $500 million. Ford India and Reliance Industries raised $237.31 million and $200 million respectively for rupee expenditure, while Air India raised $190 million for import of capital goods.
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