India Inc raises $1.35 billion from overseas markets in February 2016

India Inc has raised $1.35 billion from overseas markets in February 2016 down 40.2 percent compared to that of $2.26 billion raised in the corresponding year ago period, according to Reserve Bank of India (RBI) data. The borrowings in a combination of automatic and approval route were done by way of external commercial borrowing (ECBs).

Out of the total borrowings during the month, $1.02 billion were raised through automatic route while $330 million came via approval route. Only one firm, Bharat Petroleum Corporation raised the entire $330 million through the approval route that was meant to be used for refinancing company’s earlier ECB. 

Among major borrowers through automatic route, NTPC raised $500 million for power projects, Maxxis Rubber India raised $50 million for rupee Expenditure, Stelis Biopharma raised $47 million for new project, Sintex Industries and JK Tyre & Industries raised $35 million each for modernisation works, Rain Industries raised $30 million for overseas acquisition and Fresenius Kabi Oncology raised $29.02 million for general corporate purpose.