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Indian companies borrowed $3.5 billion in January through the external commercial borrowings (ECBs) route to import capital goods, set up new projects and undertake modernisation of operations.
In December last year, Indian companies borrowed $1.15 billion through the ECB route. In January last year, borrowings from the ECB route were $2.7 billion.
Of the $3.5-billion, around 80 per cent (about $2.9 billion) of the total borrowing came from the approval route and only 20 per cent came from the automatic route.
In the same period last year, majority of Indian companies borrowings had come from the automatic route.
Among the top borrowers were Export-Import Bank of India ($750 million), Power Grid Corp ($500 million) and Rural Electrification Corp ($250 million).
Around 69 companies tapped foreign funds through the ECB route in January 2013, while no company raised funds through the foreign currency convertible bond route. In January and December last year, 80 companies and 52 companies, respectively, tapped the ECB route.
satyanarayan.iyer@thehindu.co.in
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