Indian Industry Raised $3.49 Billion From Overseas Markets In November

Owing to country’s improving economic outlook, the Indian industry has raised $3.49 billion from overseas markets last month, up 60.2% as against the period in 2013, according to a data released by the Reserve Bank of India (RBI) on Monday. In November 2013, the domestic firms had raised $2.18 billion overseas in November.

The RBI data on external commercial borrowing (ECB) showed that $1.52 billion was raised through the approval route, while $1.97 billion came through automatic route out of the total borrowings in November 2014. It also disclosed that as many as 64 companies raised money from automatic route and three firms raised via approval route.

In the approval route category, RIL subsidiary Reliance Jio Infocomm raised $1 billion for refinancing of its earlier external commercial borrowing, Mumbai-based JSW Steel Ltd raised $500 million for refinancing of rupee loans and Daramic Battery Seperator India Pvt Ltd, a leading manufacturer and supplier of batteries, raised $SD 24.95 million to come up with new project.

The main borrowers in the automatic route category were NTPC Ltd and Reliance Jio Infocomm; these firms raised $500 million each for power project and refinancing of earlier ECB needs, respectively.

For on-lending, Power Finance Corporation raised $250 million, Export-Import Bank of India raised $171.95 million for sub-lending and Sahara Hospitality Ltd raised $60 million for modernisation projects.

Image: Economic Times