India Inc has raised over $750.76 million from overseas markets in August 2015 up about 48 per cent compared to that of $507.40 million raised in a year ago period, according to the RBI data. However, the amount borrowed by Indian firms from overseas markets in August 2015 was much lower than over $2.14 billion, raised in previous month. The borrowings in a combination of automatic and approval route were done by way of external commercial borrowing (ECBs).
Out of the total 55 borrowers, four of them raised the money from approval route, while the rest by way of automatic route. Through approval route, Air India raised $300 million for its working capital needs, Thai Summit Auto parts India and Aero Structures Manufacturing India raised $7.15 million and $ 0.44 million respectively for import of capital goods and UL India raised $1.9 million for new project.
Among major borrowers in the automatic route, Hospira Healthcare India raised $100 million for general corporate purpose, Essar Oil raised $93.75 million for modernization, Sun Pharmaceutical Industries raised $50 million for refinancing of earlier ECB, DCM Shri ram raised $26.92 million for refinancing of earlier ECB, Datwyler Pharma Packaging India raised $11.14 for import of capital goods while, Bridgestone India and Gulshan Polyols raised $12.12 million and 11.60 million respectively for new projects.