Mumbai: Indian firms including Reliance Industries and Oil India raised USD 3.2 billion overseas via external commercial borrowings (ECBs) and foreign commercial convertible bonds (FCCBs) in April. Indian companies had raised USD 1.13 billion from foreign markets in April last year.
According to the Reserve Bank data, Indian firms raised USD 1.53 billion through the approval route, while USD 1.68 billion was raised by way of automatic route. Those raising money from overseas markets through approval route included RIL, which raised USD 550 million and USD 500 million in two tranches for import of capital goods.
Ford India Pvt Ltd borrowed USD 414.2 million by approval for its capital goods imports need. From the automatic route, state-run oil exploring company Oil India Ltd raised USD 500 million each in two separate tranches to refinance its earlier ECB.
Gujarat State Petroleum Corporation Ltd raised USD 250 million for mining, exploration and refining, while KSK Mahanadi Power Company raised USD 100 million for import of capital goods, showed the RBI data. Among others, Pipavav Defence and Offshore Engineering Company raised USD 68 million for import of capital goods and Honda Cars India raised USD 30 million for rupee expenditure. India Inc had raised USD 33.25 million through ECBs/FCCBs in the 2013-14 fiscal.
