Ashok Leyland completes $200 mn ECBBS Reporter / Mumbai March 26, 2008Ashok Leyland, the Indian flagship of the Hinduja Group, has concluded an External Commercial Borrowing (ECB) programme of $200 million. This is the largest ever loan taken by the company in a single transaction till date.The company has broad based its relationships, with the facility being subscribed to by several banks including the leading foreign banks. The loan will partly fund the requirements of the company to meet its expansion plans and overseas investments.As per the guidelines of RBI, companies can use the proceeds of ECB only for meeting forex requirements for capital expenditure and other overseas investment purposes. Accordingly, RBI has given a go ahead to the company to proceed with the drawdown.Said K Sridharan, Chief Financial Officer, Ashok Leyland:
