Mumbai: India Inc's overseas borrowing
declined by over 30 per cent in December to USD1.56 billion
compared to the previous month.
Total overseas loans raised by around 70 firms through
external commercial borrowings (ECBs) and foreign currency
convertible bonds (FCCB) slipped from USD2.35 billion in
November to USD1.56 billion in December, according to the ECB
data released by the RBI today.
Of the total borrowings, USD1.25 billion was raised
through automatic route and USD312 million was mopped up via
approval channel.
The data show that most of the companies raised overseas
funds for importing capital goods, modernisation,new projects,
overseas acquisitions, and refinancing of old loans among
other things.
Of the USD1.56 billion, USD402 million was borrowed by
Daimler India Commercial Vehicles through ECB under the
automatic route for new projects, followed Idea Cellular which
raised USD260 million through the same route to import capital
goods.
Public sector lender IDBI Bank raised USD225 million
through the ECB route under approval channel for refinancing
its old loans.
Other companies which borrowed during the month include
Larsen & Toubro, Hotel Leelaventure, Apollo Tyres and Mundra
Port & Special Economic Zone.
PTI
First Published: Monday, February 01, 2010, 19:28