India Inc raises $2.7 bn from fgn mktshttps://indianexpress.com/article/news-archive/web/india-inc-raises-2-7-bn-from-fgn-mkts/

India Inc raises $2.7 bn from fgn mkts

State-owned Power Grid Corp raised USD 640.50 million in two tranches for its projects.

Indian companies garnered USD 2.7 billion from overseas markets in January,much lower than USD 4.46 billion raised in December,according to RBI.

They raised over USD 2.7 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs),showed the Reserve Bank of India data.

In January,73 Indian firms including Power Grid Corp,Adani Power and Videocon Industries raised money from overseas markets.

Five entities mopped up about USD 1.74 billion through the automatic route – whereby a company can raise as much as USD 750 million from overseas without prior RBI approval.

Advertising

Meanwhile,under the approval route,five companies raised around USD 917.69 million through ECBs.

State-owned Power Grid Corp raised USD 640.50 million in two tranches for its projects,while Videocon Industries garnered USD 178.5 million for import of capital goods.

Nuclear Power Corp of India raised USD 250 million for power projects and Adani Ports and SEZ raised USD 225 million for ports development programme through the automatic route.

Further,Adani Power garnered USD 150 million for various projects.

Download the Indian Express apps for iPhone, iPad or Android