Indian companies raised $2.064 billion through external commercial borrowings in the first month of the current financial year (2011-12).
In the corresponding period last year, India Inc had collectively mopped up $2.817 billion.
With domestic interest rates going up, Indian businesses are tapping ECBs to bring down their funding costs, say bankers.
Major borrowers
Among the prominent entities that raised resources via ECBs in April 2011 include:
Export Import Bank of India ($520 million in three tranches for onward/sub-lending);
Shipping Corporation of India ($215.42 million for import of capital goods);
Suzlon Energy ($200 million for overseas an acquisition);
Balkrishna Industries ($175 million for a new project); and
JSW Steel ($166.77 million for modernisation).
In April 2011, 60 companies raised ECBs aggregating $1.545 billion under the automatic route while Exim Bank mopped up $520 million under the approval route.