Indian firms raise $2 Billion from overseas in July
Thursday, 27 August 2009, 10:05 Hrs | 1 Comments
It is for the first time in nine months that external commercial borrowings of Indian companies have crossed the $2-billion mark in what has emerged as yet another strong sign of recovery after the sharp growth in industrial output in June.
The largest amount raised was $500 million by London-based industrialist Anil Agarwal's metals major Vedanta towards capital goods, while Reliance Anil Dhirubhai Ambani Group came next with $486 million for their Sasan power project.
Statistics released late Wednesday by the Reserve Bank of India (RBI) showed that automaker Volkswagen's $190 million for their India project and $183 million raised by Fiat India for capital goods were also among the notable fund-raising exercises.
As many as 39 companies used the automatic route to raise $1.94 billion, while seven companies raised $74.25 million through the approved route, RBI said.
The fund-raising data further revealed that Indian companies raised $4.73 billion in the first four months of this fiscal, against $6.52 billion during the corresponding four months of the previous fiscal.
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