India Inc raised $1.93 bn overseas in Oct: RBI

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SummaryAs many as 52 Indian companies raised money from external sources in October.

Indian companies raised $1.93 billion from overseas markets in October through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), according to data from the Reserve Bank of India released on Monday.

In September, the domestic firms had raised $3.35 billion from abroad.

As many as 52 Indian companies raised money from external sources in October, of which $719.52 million was raised through automatic route for which no approval is required from the central bank or the government. While, 12 firms raised a total of $1.21 billion through approval route.

Under the approval route, Bharat Petroleum Corporation raised $500 million for working capital requirement, Tata Chemicals and Tata Sons raised $190 million and $150 million respectively for refinancing of earlier ECBs.

Bhushan Power & Steel raised $114.82 million for refinancing of earlier loan, while national airline Air India raised $95 million for imports of capital goods.

Under the automatic route, Bhushan Power & Steel raised $232.05 million for import of capital goods, Bharat Forge and Bharat Oman Refineries raised $120 million and $70 million respectively for refinancing of earlier ECBs.

Among others, Renew Wind Energy (Devgarh) raised $48 million for its power projects, Torrent Pharmaceuticals $45 million for rupee expenditure.

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