BUSINESS

India Inc raised $1.93 billion from abroad in October

Source:PTI
December 16, 2013 18:29 IST

Indian companies raised $1.93 billion from overseas markets in October through external commercial borrowings and foreign currency convertible bonds, according to RBI data.

In September, the domestic firms had raised $3.35 billion from abroad.

As many as 52 Indian companies raised money from external sources in October, of which $719.52 million was raised through automatic route for which no approval is required from the Reserve Bank of India or the government.

While, 12 firms raised a total of $1.21 billion through approval route.

Under the approval route, Bharat Petroleum Corporation raised $500 million for working capital requirement, Tata Chemicals and Tata Sons raised $190 million and $150

million respectively for refinancing of earlier external commercial borrowings.

Bhushan Power & Steel raised $114.82 million for refinancing of earlier loan, while Air India raised $95 million for imports of capital goods.

Under the automatic route, Bhushan Power & Steel raised $232.05 million for import of capital goods, Bharat Forge and Bharat Oman Refineries raised $120 million and $70 million respectively for refinancing of earlier ECBs.

Among others, Renew Wind Energy (Devgarh) raised $48 million for its power projects, Torrent Pharmaceuticals $45 million for rupee expenditure.

Source: PTI
© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Recommended by Rediff.com

NEXT ARTICLE

NewsBusinessMoviesSportsCricketGet AheadDiscussionLabsMyPageVideosCompany Email