India Inc raised USD 1.79 billion through debt from overseas markets,a jump of over two-fold compared to USD 696 million in the previous month. RIL's Infotel Broadband Services and Essar Oil accounted for major portion of the borrowings. Around 50 companies mopped up USD 1.79 billion through external commercial borrowing (ECB) and foreign currency convertible bond (FCCB) route in June,RBI said in a statement. Infotel Broadband,in which Reliance Industries acquired 95 per cent stake last month,has raised USD 500 million for apparently paying for its spectrum licence fee,while Essar Oil borrowed USD 300 million for modernisation. Besides,Bharat Oman Refineries borrowed USD 200 million during the month for new projects and Adani Power raised USD 150 million for power. Other companies which borrowed from overseas during the month include Vodafone Essar and Jindal Steel and Power.
