The Hindu Business Line : 36 firms sought RBI nod in Oct to raise overseas funds

IDBI Ltd, Amtek India, and Reliance Industries were among the 36 companies that had sought permission from the Reserve Bank of India in October 2005 to raise overseas funds, according to the RBI Web site.

These companies proposed to raise funds through external commercial borrowings (ECBs) and foreign currency convertible debentures (FCCBs) under the automatic approval channel.

Many of these companies sought loans for refinancing of old loans.

These include IDBI, which proposed to raise $78.78 million for a period of two years and six months, and Hindalco Industries, which sought to raise loans to the tune of $23.15 million for three years and five months.

Reliance Industries sought to raise four loans for different durations for refinancing old loans.

The company proposed to raise $18.59 million and $25 million for one year and five months each, $93.5 million for five years, and $49.02 million for four years and five months.

Nagarjuna Agrichem sought to raise $10 million for project modernisation for a period of four years and 11 months.

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