India Inc overseas borrowing at $1 bn

Overseas borrowings by Indian companies fell to $17 bn in July from $2 bn.

Overseas borrowings by Indian companies fell to USD 1.07 billion in July from USD 1.99 billion in the previous month,Reserve Bank data showed today.

These were raised through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) for various purposes,RBI data showed.

As many as 53 deals were undertaken during the month to raise money through ECBs and FCCBs by Indian companies including Indian Oil Corporation,Balkrishna Industries,Bharat Oman Refineries,Educomp Solutions,Birla Corporation,Adani Welspun Exploration from overseas markets in July.

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All the deals were taken under the approval route,showed the data.

State-owned Indian Oil Corporation raised USD 300 million for imports of capital goods.

Bharat Oman Refineries raised USD 140 million to fund its new project and Balkrishna Industries raised USD 100 million for modernisation purpose.

Adani Welspun Exploration,Educomp Solutions and Birla Corporation raised USD 70 million each for refinancing of old loans,redemption of FCCBs and modernisation projects respectively,the data showed.

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Bhopal Dhule Transmission Company raised USD 44.78 million for import of capital goods in July.

The summons come amid a broader crackdown by the ED on betting apps functioning illegally in India.

ED summons former Indian cricketer Robin Uthappa in illegal betting app case

India4 hr ago

Former Indian cricketer Robin Uthappa has been summoned by the Enforcement Directorate (ED) for his involvement in the alleged illegal betting app 1xBet. The ED is also investigating former cricketers Shikhar Dhawan and Suresh Raina, as well as celebrities Mimi Chakraborty, Urvashi Rautela, and Ankush Hazra for their association with the app.

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