Indian firms raise $4.56 bn from foreign markets in Dec

Indian companies raised USD 4.56 billion from the overseas market in December, twice as much as they did in the previous month, through external commercial borrowings and foreign currency convertible bonds.
In November they had raised USD 2.19 billion from abroad, according to the Reserve Bank data released today.
As many as 68 firms raised money from external sources in December. Of these, 54 companies raised USD 560.73 million through the automatic route for which no approval is required from the RBI or the government.
The remaining 14 firms raised USD 4.01 billion through the approval route, requiring permission from the RBI.

Under the approval route, ONGC Videsh Ltd raised USD 1.5 billion for overseas acquisition and OIL India Ltd raised USD 1 billion and USD 300 million for overseas acquisition in two separate deals.
Besides, Indian Oil Corporation raised USD 500 million for import of non-capital goods and Essar Oil raised USD 150 million for refinancing of rupee loans.
Reliance Industries and Air India raised USD 100 million and USD 95 million respectively, for import of capital goods.
Under the automatic route, North Eastern Electric Power Corporation Ltd raised USD 100 million for new project financing. NTPC and NSL Wind Power Company (Kayathar) also raised USD 75.35 million and USD 48 million respectively, for power projects.