24 June, 2010

India's overseas borrowings touched $ 696.2 mn

As many as 47 companies, including Fortis Healthcare and Godfrey Phillips India, together raised $ 696.2 million from overseas borrowing during May. However, the amount raised through external commercial borrowings (ECBs) in May was significantly less than loans of $2.8 billion taken out by India Inc in April.

Of the total borrowings, $459.3 million was raised through the automatic route and $236.9 million was mopped up via approval channels. The data show that most of the companies raised overseas funds for importing capital goods, modernisation, new projects and overseas acquisitions, among other things.

Of the total borrowings, $100 million was raised by Fortis Healthcare for overseas acquisition under the automatic route, while $180 million was raised by Caterpillar India Private Ltd under the approval route. Among others, Godfrey Phillips India and Bhushan Steel raised $20 million each. At the same time, SREI Equipment Finance also raised $50 million for import of capital goods.