India Inc raises USD 2 billion in July

Mumbai, Aug 26 (PTI) Overseas borrowings by India Inc increased marginally to USD 2 billion in July against USD 1.9 billion during the previous month. The total overseas loans raised by over 40 companies through external commercial borrowings (ECB) and foreign currency convertible bond (FCCB) moved up from USD 1.94 billion in June to USD 2 billion in July, according to the ECB data, released by the RBI today. Of the total borrowings, USD 1.94 billion was raised through automatic route and USD 74 million was mopped up through approval route. The ECB data for July showed that most of the companies raised overseas funds for import of capital goods, modernisation, projects, overseas acquisition, among other things. Out of 2 billion, Vedanta Aluminium borrowed USD 500 million through automatic route while Volkswagen India mopped up USD 190 million for projects.