India Inc has raised over $3.16 billion from overseas markets in November 2015 down 9.5 per cent from a year ago, according to RBI data. Of the total borrowings, by way of external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), $2.11 billion was raised through the approval process while $1.05 billion came through the automatic route.
Out of the total 57 borrowers, four raised the money through approval route, while the rest by way of automatic route. Through approval route, ONGC Videsh raised $1.78 billion for refinancing of an earlier ECB, Rural Electrification Corporation raised $300 million for on lending, Perkins India Private mobilized $34 million for working capital.
Among major borrowers in the automatic route, Railway Finance Corporation raised $400 million for refinancing of an earlier ECB, Power Finance Corporation raised $360 million for on-lending. Adani Hazira Port mopped up $80 million for port-related activity and Inbisco India $18.8 million for refinancing ECB and Vacmet India raised $16.36 million for import of capital goods.