India Inc raises $3.43bn via ECBs

Mumbai: Indian companies raised over $3.43 billion from foreign markets through external commercial borrowings (ECBs) in July this year, up by nearly 60 per cent from a year ago, RBI data showed on Thursday.

Indian companies had borrowed $2.15 billion from overseas markets in July 2020. Of the total borrowings during July 2021, $3.03 billion came in through the automatic route of the ECB, while $400 million was through the approval route.

Among the major borrowers, REC Ltd -- which is engaged in financial services in the power sector -- was the only company to raise the entire 400 million via approval route of the ECB for the purpose of on-lending, showed the RBI data.