The Hindu Business Line : Firms raise $1.5 b through ECBs in Sept

INDIAN companies took in $1.5 billion through external commercial borrowings (ECBs) in September, according to the latest figures put out by the Reserve Bank of India.

The total ECBs for the corporate sector have crossed $6.6 billion in the first half of this fiscal.

The Reliance Group accounted for more than half the borrowings in September 2004. Reliance Infocomm borrowed about $600 million for import of capital goods while Reliance Industries borrowed $212 million for the purpose of refinancing old loans.

According to RBI guidelines, companies are permitted to refinance old foreign currency loans to reduce their cost of borrowing.

The group has borrowed $1.4 billion through external commercial borrowings since the beginning of this fiscal.

More Stories on : RBI & Other Central Banks | Overseas Borrowings

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