Foreign borrowing touches $1.79 Billion

Foreign borrowing touches $1.79 Billion

By SiliconIndia   |   Friday, 30 July 2010, 11:23 Hrs   |    1 Comments
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Foreign borrowing touches $1.79 Billion
Mumbai: After a marked fall in May, Indian companies have raised $1.79 billion through debt from overseas markets in June.

According to Reserve Bank of India (RBI) data, Indian companies avail off loans totaling $1.79 billion (about 8,323 crore) from overseas lenders in June, up from $696.29 million in May. In June, there was no foreign currency convertible bond (FCCB) issue.

The largest borrower was Infotel Broadband Services, which raised $500 million though ECBs. Infotel Broadband was the only player to receive a pan-India license for Broadband Wireless Access (BWA) spectrum and was subsequently bought by Mukesh Ambani-led Reliance Industries.

Vodafone Essar and its group companies raised around $390 million through the ECB route. Other big borrowers include Essar Oil, which raised $300 million, and Adani Power which raised $150 million. Jindal Steel and Power has also borrowed during the month.

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Reader's comments(1)
1: Many foreign companies are coming forward to fund Indian business groups, a good sign.
Posted by:varma - 30 Jul, 2010