India Inc’s resource raising via the external commercial borrowing (ECB) route at $5.20 billion in November 2022 is the highest in FY23 so far, going by RBI data.
Overseas fundraising in November is 3.63 times what Indian companies mopped up in the preceding month. In October 2022, India Inc raised $1.43 billion via ECBs.
Reliance Industries Ltd and Reliance Jio Infocomm Ltd together accounted for about 58 per cent of the resources raised by India Inc. These two companies raised $1.5 billion each.
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Besides the aforementioned companies, the other big fundraisers in November include Renew Surya Roshni Private Ltd ($985 million), Hindustan Petroleum Corporation Ltd ($250 million), JSW Vijayanagar Metallics Ltd ($200 million), Adani Solar Energy AP Six Private Limited ($196.62 million), and Larsen and Toubro Limited ($107 million).
Overall, Indian companies raised $16.99 billion in the first eight months of FY23 against $18.51 billion in the year ago period.