India firms borrowed $1.89 b from overseas markets in June: RBI

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Borrowings by Indian firms declined by over 3 per cent from a year ago to USD 1.89 billion in June 2014, according to Reserve Bank data released today.

During June 2013, India Inc had raised $1.95 billion from overseas markets by way of external commercial borrowings (ECBs).

Of the total companies raising money abroad during June, 55 firms borrowed $1.30 billion through automatic route and 14 raised $583.7 million from approval route.

In approval route category, HPCL-Mittal Pipelines Limited raised $262.5 million in two separate tranches for refinancing of earlier ECB.

State-owned carrier Air India raised USD 149.5 million in two tranches for import of capital goods and SCI Forbes Limited raised USD 35.25 million to refinance earlier ECB.

In the automatic route, India Oil Corporation Ltd raised USD 650 million to refinance earlier ECB, Reliance Industries borrowed USD 238.02 million for import of capital goods and construction major Larsen & Toubro Ltd raised $100 million for rupee expenditure.

Among others, Hero Cycles borrowed money for overseas acquisition, Lotte India Corporation for new project, Aditya Birla Nuvo for refinancing of earlier ECB and Technofab Engineering for modernisation.

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