India Inc raises nearly $1.13 Billion in Nov by ECBs
Tuesday, 28 December 2010, 06:04 IST
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Mumbai: India Inc raised nearly $1.13 billion in November this year through external commercial borrowings (ECBs), according to the Reserve Bank data. Around 50 companies raised $946,321,713 through the automatic route for various projects, while $182,435,430 was raised by four companies under the approval route. Delhi-based Bhushan Steel garnered $300 million in ECBs under the automatic route for its domestic use (rupee expenditure). Bilt Graphic paper Products and Heidelberg Cement India raised $145 million (for rupee expenditure) and $125 million (for refinancing old loans), respectively, during the month in ECBs. Corporates, registered under the Companies Act, 1956, can access ECBs, up to $500 million in a financial year, under the automatic route. The ECB, which is not covered by the automatic route, is considered under the approval route on a case-by-case basis by RBI.
Source: PTI
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