India Inc overseas borrowing at $1 bn

These were raised through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) for various purposes, RBI data showed.

As many as 53 deals were undertaken during the month to raise money through ECBs and FCCBs by Indian companies including Indian Oil Corporation, Balkrishna Industries, Bharat Oman Refineries, Educomp Solutions, Birla Corporation, Adani Welspun Exploration from overseas markets in July.

All the deals were taken under the approval route, showed the data.

State-owned Indian Oil Corporation raised USD 300 million for imports of capital goods.

Bharat Oman Refineries raised USD 140 million to fund its new project and Balkrishna Industries raised USD 100 million for modernisation purpose.

Adani Welspun Exploration, Educomp Solutions and Birla Corporation raised USD 70 million each for refinancing of old loans, redemption of FCCBs and modernisation projects respectively, the data showed.