India Inc raised $1.15 bn from overseas markets in Dec

Indian companies raised about USD 1.15 billion from overseas markets in December, lower than USD 1.35 billion raised in the previous month, RBI data showed today.

The amount was raised through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) by 50 companies.

Of the total, USD 825.26 million was raised through automatic route while about USD 321.01 million was raised via approval route.

Firms including Air India, Essar Steel, Jamshedpur Continuous Annealing & Processing Company, Adani Ports & Special Economic Zone, Sintex Industries Ltd and Hindalco Industries raised money from overseas market in December.

Air India raised USD 90 million each in two separate tranches through approval route for import of capital goods.

Essar Steel India Ltd raised USD 95 million in two different tranches via approval route for refinancing of rupee loans, and USD 50 million via automatic route for rupee expenditure.

Sintex Industries raised USD 120 million for modernising projects, while Hindalco Industries Ltd raised USD 100 million for import of capital goods.

Jamshedpur Continuous Annealing & Processing Company raised USD 100 million for new project and Adani Port & Special Economic Zone garnered USD 40 million for port development, RBI said.

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