Indian cos raised $4.29 bn from overseas markets in Oct

Mumbai: Indian companies raised USD 4.29 billion (about Rs 23,300 crore) from overseas markets in October, up from USD 2.77 billion (around Rs 15,000 crore) in the previous month.

The money was raised through external commercial borrowings and foreign currency convertible bonds.

During the month, 90 Indian companies, including Reliance Industries, Bharat Petroleum Corp, Indian Oil Corp, Steel Authority of India Ltd, Air India, Indian Railway Finance Corporation and Idea Cellular raised money from overseas market, according to the RBI data released today.

Four entities raised about USD 1.89 billion through the approval route.

Under the automatic route, 86 companies raised about USD 2.41 billion through ECBs/FCCBs.

Reliance Industries raised USD 1.5 billion for import of capital goods, Bharat Petroleum raised USD 500 million for mining, exploration and refining activities.

Indian Oil Corp raised USD 326.62 million for import of capital goods, Indian Railway Finance Corporation raised USD 300 million for railways expenditure, and Steel Authority of India Ltd raised USD 150 million for modernisation programmes.

Michelin India and Tamilnadu Tyres raised USD 129.66 million for its new project, Larsen and Toubro raised USD 100 million for rupee expenditure.

Telecom firm Idea Cellular also raised USD 100 million for import of capital goods and Air India raised USD 90 million for import of capital goods.

PTI