India Inc borrows 1.6 bn through ECBs in September

Tata Steel, which early this year acquired Anglo-Dutch firm Corus, to become the sixth-largest maker of the alloy, raised 875 million for the acquisition through foreign currency convertible bonds FCCBs. While 500 million was raised through the automatic route, the balance was mobilised after government8217;s approval.

Mobile player RCoM raised 500 million through ECBs to refinance existing debt. Mukesh Ambani-run Reliance Petroleum borrowed 275 million from overseas market during the month, RBI said.

A total of 29 Indian companies raised funds through the ECB and FCCB route, during the month, for overseas takeovers, import of capital goods, modernisation and refinancing old debt.

Essar Steel also raised 190 million through ECBs in September to retire expensive debts. Great Offshore and GE Shipping mobalised a total of 102 million for buying foreign companies and importing capital goods. Besides, Champagne Indage, Accentia Technologies, Dynamatics Technologies and Suprajit Engineering borrowed around 17 million for overseas acquisitions.

The 12 other companies that borrowed from overseas during the month to import capital goods include Kirloskar Oil, Bhushan Steel 038; Strips, Alok Industries and Intas Pharmaceutical, the central bank said.