Indian companies raised $2.73 billion from the overseas markets in April this year, mostly through the External Commercial Borrowings (ECB) route. The amount raised was about 29 per cent lower than in the previous month.
On a year-on-year basis, however, overseas borrowings rose about 32 per cent in April 2012; it was about $2 billion in April 2011.
GoAir topped the list of borrowers, raising about $795 million. Posco Maharashtra Steel Pvt. Ltd borrowed about $423 million. Software company, 3i Infotech, raised $130 million under the FCCB route.
In the financial year ended March 31 (April 2011-March 2012), companies borrowed about $36 billion.
According to Reserve Bank data, most of the borrowings were for import of capital goods, modernisation, new projects and rupee expenditure for import of capital goods .
ECBs are used by Indian companies to access foreign funds at cheaper rates.