India Inc's raises $5.63 Billion in March through ECBs

Friday, 29 April 2011, 12:23 Hrs
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Mumbai: India Inc raised over $5.63 billion overseas in March through external commercial borrowing (ECB), the Reserve Bank said.

Around 90 companies raised over $2.90 billion for various projects through the automatic route, which does not require the Reserve Bank's or the government's approval.

Besides, as many as 11 firms raised around 2.73 billion under the approval route, according to the RBI data.

Reliance Telecom and Reliance Communications mopped up $300 million each for their telecommunications projects through ECB during the month.

JSW Steel raised $280 million via ECB for its modernisation project.

Corporates registered under the Companies Act, 1956, can access ECB up to $500 million in a financial year under the automatic route. ECBs are used as an additional source of funding by Indian corporates.
Source: PTI
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