India Inc Raises $1.40 Bn From Foreign Market: Reports

Posted By: Religare
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RBI data has shown that India Inc has raised over USD 1.40 billion from overseas markets in January 2016, down 46 per cent over the same month a year ago.

As per reports, the funds were raised using instruments such as external commercial borrowings and foreign currency convertible bonds.

India Inc Raises $1.40 Bn From Foreign Market: Reports
Of the total borrowings during the month, USD 3.83 million was raised through approval route, while USD 1.39 billion came through automatic route.

As per reports, among those in the approval route category, E-Land Apparel raised USD 1.71 million for general corporate purpose and Arihant Technocast India raised USD 1.09 million for rupee expenditure.

In automatic route, major borrowers were Export-Import Bank of India raising USD 500 million for sub lending; Rural Electrification Corporation USD 250 million for refinancing of earlier ECB; Tata Steel USD 200 million for refinancing of earlier ECB and Daimler India Commercial Vehicles Private for modernisation.

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