Cos raise $1 b via ECBs, FCCBs

Indian firms have mopped up more than Rs 4,500 crore or $1 billion through external commercial borrowings (ECB) and foreign currency convert...

Indian firms have mopped up more than Rs 4,500 crore or $1 billion through external commercial borrowings (ECB) and foreign currency convertible bonds (FCCB) till August 2005. According to data published by RBI, firms dealing in metals, petroleum, software and bio-tech have taken the said route for raising funds.

Among the 57 firms which took the ECB/FCCB route, Hindustan Zinc Ltd tops the chart by mopping up a whopping $125 million for refinancing. Next come Indian Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd, which have raised $100 million and $107 million respectively.

Among the new economy companies, Sterling Biotech Ltd has mopped up $100 million to implement their modernisation plans. The data also reveals that firms have raised in excess of $100 million for greenfield projects. Among them, Maharashtra Seamless has raised about $75 million and Indian Gpysum has raised around $11.5 million. Among the 57 firms, 50 have opted for ECB and seven forFCCB.

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