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Indian companies raise $3.43 bn from foreign markets through ECBs in July: RBI data

Indian companies raise $3.43 bn from foreign markets through ECBs in July: RBI data
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Indian companies raise $3.43 bn from foreign markets through ECBs in July: RBI data

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Indian firms 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.

Those in the automatic category, included Adani Ports and Special Economic Zone $750 million for working capital needs; Indian Oil Corporation $500 million for refinancing of earlier ECB; Adani Electricity Mumbai Ltd $300 million for refinancing of earlier ECB and Housing Development Finance Corporation (HDFC Ltd) $250 million for on/sub-lending.

Matix Fertilisers and Chemicals raised USD 320 million for refinancing of rupee loans and $237.5 million for working capital. Cadila Healthcare borrowed $66.67 million for refinancing of earlier ECB and Roquette India Pvt Ltd $43.75 million for working capital needs.

Dwaipayan Bhattacharjee
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