India Inc raises $10 billion in Q4 FY07, over $5 bn in March

Mumbai, May 30 | Updated: May 31 2007, 05:30am hrs
The growing appetite of India Inc for resource mobilisation from overseas markets has remained high as they have raised $9.6 billion through external commercial borrowings during the last quarter of the financial year 2006-07.

During March FY07 alone, led by the Ambani brothers, corporate India raised $5.096 billion through ECB or foreign currency convertible bonds (FCCBs). Earlier, India Inc had raised a total of about $4.5 billion through ECBs and FCCBs by way of both automatic and approval route in the first two months (January and February) of this calendar year.

In January, the corporates raised around $1.294 billion while in February they mobilised $3.193 billion from the overseas markets.

The Mukesh Ambani Group companies raised $ 1.175 billion during March, closely followed by Anil Ambani Group which borrowed $1.140 billion. Among the Mukesh Ambani companies, Reliance Ports and Terminal raised $500 million, Reliance Utilities $425 million and Reliance Industries $250 million.

The Anil Ambani group companies that raised ECBs/FCCBs during March were Reliance Communications Infrastructure ($500 million), Reliance Telecom ($500 million) and Reliance Energy ($140 million).

Together, the companies controlled by the two brothers raised 45% of what all the Indian companies including state-owned enterprises raised as ECBs/FCCBs during the month.

GMR Hyderabad International Airport raised foreign debt of $129 million with a maximum maturity of 17 years. Among other important corporate houses that raised ECBs/FCCBs were Bharti Airtel ($295 million), Jaiprakash Associates ($250 million), Tata Sons ($150 million), HPCL ($150 million), Lafarge India ($131 million), IRFC ($125 million) and NTPC ($100 million).