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Indian firms' foreign borrowings in April triple to $1.3 bn
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SME Times News Bureau | 27 May, 2017
Indian firms' external
commercial borrowings (ECBs) in April went up more than three-fold to
$1.30 billion, while ECBs were at $304.57 million in the same month of
2016, the Reserve Bank of India (RBI) has said.
According to RBI
data released here on Thursday, the borrowings by Indian companies in
April this year included $1.27 billion through the automatic route, and
$39.26 million via the approval route.
During the month in
consideration, Indian firms also made additional borrowing of $394.53
million through rupee denominated bonds (RDBs), which have been
permitted from September last year.
In the category of automatic
route, JSW Steel took a loan of $500 million for overseas acquisition
and refinancing of earlier ECB, while HPCL-Mittal Energy raised $372
million to pay-off earlier ECB.
A substantial portion of ECBs in April was taken to start new projects.
Under the approval route, Essar Shipping was the only company, which raised $39.26 million for import of capital goods.
The
firms which floated rupee denominated bonds overseas were - $310
million by NTPC for power, $62 million by Nissan Renault Financial
Services for on-lending and $22.48 million by UCWeb Mobile for general
corporate purpose.
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