INDIA BUSINESS WORLD - November 16^th December 31^st 2008

INDIA INC RAISES $1.1 B THROUGH ECB ROUTE IN OCTOBER

Global financial crisis has clearly hurt overseas debts of India Inc, as corporates raised $1.12 billion less than half of the amount mopped up in the previous month, despite liberalisation of norms. The Indian companies raised $2.8 billion in September through the external commercial borrowing (ECB) route. Mukesh Ambani-owned Reliance Industries borrowed the highest $400 million, data released by RBI showed. The company borrowed $100 million through the automatic route for import of capital goods, while $300 million was mobilised for project after approval from the government. Jaiprakash Associates raised $60 million to import capital goods, while Essar Shipping Ports & Logistics borrowed $148 million from overseas market for leasing and hire purchase during the month, RBI said. A total of 44 Indian companies raised funds through ECB route during the month.