India Inc raised USD 1.93 billion from abroad in Oct

PTI Posted online: Monday, Dec 16, 2013 at 0000 hrs
Mumbai : Indian companies raised USD 1.93 billion from overseas markets in October through external commercial borrowings and foreign currency convertible bonds, according to RBI data.

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

As many as 52 Indian companies raised money from external sources in October, of which USD 719.52 million was raised through automatic route for which no approval is required from the Reserve Bank of India (RBI) or the government. While, 12 firms raised a total of USD 1.21 billion through approval route.

Under the approval route, Bharat Petroleum Corporation raised USD 500 million for working capital requirement, Tata Chemicals and Tata Sons raised USD 190 million and USD 150 million respectively for refinancing of earlier external commercial borrowings (ECB).

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

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

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