India Inc raised over $ 2.47 billion from overseas markets in October through external

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commercial borrowings and foreign currency convertible bonds.

Companies had raised $ 2.36 billion in September through ECBs and FCCBs.

Around 80 companies raised around $ 2.07 billion for various projects through the automatic route in October which does not require approval from the Reserve Bank of India (RBI) or the government.

Another $ 404 million was raised through the approval route, according to the RBI data.

Public sector Hindustan Petroleum raised $ 465 million through ECBs for modernising projects.

Similarly, Bhushan Power and Steel mopped up $ 410 million for import of capital goods through ECBs.

Adani Hazira Port Pvt Ltd raised $ 150 million for its port project.

Corporates, registered under the Companies Act, 1956, were earlier allowed to access ECBs up to $ 500 million in a financial year under the automatic route. However, in September, the government raised the limit of external borrowings with tenure of 5 years or more under the automatic route to $ 750 million.

For the services sector, the ECB limit under the automatic route was doubled to $ 200 million and for NGOs from $ 5 million to $ 10 million.

The ECB, which is not covered by the automatic route, is considered under the approval route on a case-by-case basis by the Reserve Bank.

ECBs are used as an additional source of funding by Indian corporates to augment resources available domestically.

FCCBs are also governed by norms similar to ECBs.

Other major fund raisers in October included Cosma International which raised $ 95 million for its rupee expenditure.

Under the approval route in October, Reliance Power raised $ 299.9 million through FCCBs for refinancing of old loans.