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India Inc boosted $2.8 bn in foreign borrowings in December

RBI stated in a report, Indian firms moved up USD 2.8 billion in foreign borrowings including rupee denominated bonds (RDB) in December 2016.

A year ago in the same month, December 2015, Indian firms had Foreign Borrowings of USD 3.03 billion.

Rupee denominated bonds (RDB) has introduced new instruments in 2016 which allowed the Indian companies to raise money, so RBI cannot compare the data year-on-year basis.

Read also – RBI may allow Forex Hedging by MNC Subsidiaries

The data was started publishing on these rupee denominated bonds through the Reserve Bank from September last year.

The total fund raised during the month was at USD 2.49 billion. It includes the money from external commercial borrowings (ECB) and they both were approved and automatic.

A total of seven companies generated the rest of USD 315.50 million through floating rupee denominated bonds in December.

That money rising through RDB included, Sembcorp Gayatri Power raised USD 116.26 million for power project, whereas Zuari Cement Ltd and Ikea India Pvt Ltd moved up USD 73.64 million each for refinancing of earlier rupee loans and general corporate purpose respectively.

Related post – RBI Relaxes norms for foreign Investment

The companies that borrowed funds from overseas with the use of ECB channels by approval route, includes TSMT Technology India Ltd USD 14 million to start new project and Reliance Industries USD 1.75 billion to refinance of earlier ECB.

From automatic route, IL&FS Transportation Networks USD 50 million used for lending, Intas Pharmaceuticals borrowed USD 274.16 million used for overseas acquisition, Lulu Convention and Exhibition Centre USD 48.03 million used for new project and Novozymes South Asia Ltd USD 47.13 million used for rupee expenditure.


The post India Inc boosted $2.8 bn in foreign borrowings in December appeared first on Mcr World.

This post first appeared on Share Market News In Hindi, please read the originial post: here

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India Inc boosted $2.8 bn in foreign borrowings in December


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