MUMBAI, Sept 15: Borrowings by Indian companies from overseas markets more than doubled to USD 5.07 billion in August from a year ago, as per the RBI data released today.
Indian companies had raised USD 2.31 billion from the foreign markets in the corresponding month a year ago in 2013.
Of the total external commercial borrowings (ECB) during the month under review, USD 54.12 million was raised through approval route, while USD 4.53 billion came through automatic route.
As many as 53 companies raised money from automatic route and five firms raised via approval route, as per the data.
Among the major borrowers through the approval route, ALD Automotive raised USD 19.99 million for rupee expenditure and Experian Credit Information Company of India raised USD 19.38 million for general corporate purpose.
In the automatic route category the major investors included Bharat Forge, Tevapharm India, JSW Steel, Sesa Sterlite, Capturesolar Energy Ltd, Perkins India and Amneal Life Sciences.
Bharat Forge raised USD 60 million from overseas markets for refinancing of earlier ECB and Tevapharm India raised USD 40 million for modernisation.
Among others, Sesa Sterlite Ltd and Amneal Life Sciences raised USD 44.55 million and USD 22.34 million respectively for refinancing earlier ECB.
Perkins India borrowed USD 30 million for import of capital goods, Capturesolar Energy Ltd raised USD 45 million for power needs, JSW Steel Limited raised USD 40 million for modernisation. (PTI)
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