Tata, Ambani raise $1.37 billion from ECBs in Sept: RBI

Tata Steel and Anil Ambani-led& Reliance Communications raised $1.375 billion through overseas borrowings and convertible bonds in September, according to data released by the Reserve Bank of India.

Tata Steel, which early this year acquired Anglo-Dutch firm Corus to become the sixth-largest maker of the alloy, raised $875 million for overseas acquisition through foreign currency convertible bonds.

While $500 million were raised through the automatic route, the balance  was mobilised after approval from the government.

Mobile player RCoM raised $500 million through external commercial borrowings to refinance existing debt. Mukesh Ambani-run Reliance Petroleum borrowed $275 million from overseas market during the month, RBI said.

A total of 29 Indian companies raised funds through ECB and FCCB route during the month for overseas takeovers, import of capital goods, modernisation and refinancing old debt.

Essar Steel also raised $190 million through ECBs in September to retire expensive debts. Great Offshore Ltd and GE Shipping raised a total of $102 million for buying foreign companies and importing capital goods.

Besides, Champagne Indage, Accentia Technologies, Dynamatics Technologies and Suprajit Engineering borrowed about $17 million for overseas acquisitions.

The 12 other companies which borrowed from overseas during the month to import capital goods include Kirloskar Oil, Bhushan Steel & Strips Ltd, Alok Industries and Intas Pharmaceutical, the central bank said.