Mumbai, Dec 27 (PTI) India Inc raised nearly USD 1.13 billion in November this year through external commercial borrowings (ECBs), according to the Reserve Bank data.
Around 50 companies raised USD 946,321,713 through the automatic route for various projects, while USD 182,435,430 was raised by four companies under the approval route.
Delhi-based Bhushan Steel garnered USD 300 million in ECBs under the automatic route for its domestic use (rupee expenditure).
Bilt Graphic paper Products and Heidelberg Cement India raised USD 145 million (for rupee expenditure) and USD 125 million (for refinancing old loans), respectively, during the month in ECBs.
Corporates, registered under the Companies Act, 1956, can access ECBs, up to USD 500 million in a financial year, under the automatic route. The ECB, which is not covered by the automatic route, is considered under the approval route on a case-by-case basis by RBI.
The Reserve Bank of India has today released the data on External Commercial Borrowings (ECB) and Foreign Currency Convertible Bonds (FCCB), both through Automatic Route and Approval Route, for the month of November 2010.
| Data on ECB/FCCB for the month of November 2010 |
| * I AUTOMATIC ROUTE |
| ECB/ FCCB | Borrower | Equivalent Amount in USD | Purpose | Maturity Period (Appx) |
1 | ECB | Tanatex Chemicals India Pvt. Ltd. # | 1,060,754.36 | Other | 1 Year 8 Months |
2 | ECB | Moog India Technology Center Pvt. Ltd. | 1,000,000.00 | Rupee Expenditure Loc.CG | 8 Years |
3 | ECB | Ashbee Industries India Pvt. Ltd. # | 1,111,120.00 | New Project | 10 Years 1 Month |
4 | ECB | VRV India Cryogenic Equipment Pvt. Ltd. | 5,000,000.00 | Modernisation | 5 Years 8 Months |
5 | ECB | Ixetic DSI Auto Products Pvt. Ltd. | 109,285.34 | Rupee Expenditure Loc.CG | 4 Years 2 Months |
6 | ECB | Ixetic DSI Auto Products Pvt. Ltd. | 136,606.67 | Rupee Expenditure Loc.CG | 4 Years 8 Month |
7 | ECB | A. A. Autotech Pvt. Ltd. | 2,000,000.00 | Import of Capital Goods | 5 Years 2 Months |
8 | ECB | Hwashin Automotive India Pvt Ltd. | 15,000,000.00 | Import of Capital Goods | 5 Years 6 Months |
9 | ECB | Kisan Mouldings Ltd. | 7,450,000.00 | Rupee Expenditure Loc.CG | 7 Years 3 Months |
10 | ECB | Thali Hotels & Destinations Pvt. Ltd. # | 136,606.67 | New Project | 7 Years 10 Months |
11 | ECB | Starragheckert Machine Tools Pvt. Ltd. | 817,275.09 | New Project | 7 Years 5 Months |
12 | ECB | S.K.Agrotech Industries Ltd. | 1,248,011.21 | Import of Capital Goods | 5 Years 4 Months |
13 | ECB | AVTEC Ltd. | 5,000,000.00 | Import of Capital Goods | 5 Years |
14 | ECB | Delphi-TVS Diesel Systems Ltd. | 7,000,000.00 | Modernisation | 5 Years |
15 | ECB | Bilt Graphic Paper Products Ltd # | 145,000,000.00 | Refinancing of old loans | 4 Years 6 Months |
16 | ECB | Husky Injection MS(Chennai)Pvt.Ltd. | 9,000,000.00 | Import of Capital Goods | 3 Years 4 Months |
17 | ECB | Heidelberg Cement India Ltd. | 125,000,000.00 | Rupee Expenditure Loc.CG | 5 Years 3 Months |
18 | ECB | Lanxess India Pvt. Ltd. | 15,700,000.00 | New Project | 5 Years 8 Months |
19 | ECB | Kider (India) Pvt. Ltd. | 1,912,493.36 | New Project | 7 Years |
20 | ECB | A. A. Autotech Pvt. Ltd. | 1,120,000.00 | Import of Capital Goods | 5 Years |
21 | ECB | Focus Energy Ltd. | 20,000,000.00 | New Project | 10 Years 5 Months |
22 | ECB | Privi Organics Ltd. | 8,000,000.00 | Rupee Expenditure Loc.CG | 5 Years 1 Month |
23 | ECB | Precot Meridian Ltd. | 3,150,000.00 | Rupee Expenditure Loc.CG | 5 Years 5 Months |
24 | ECB | Rieter Nittoku Automotive Sound Proof Pr | 1,346,100.14 | Modernisation | 4 Years 9 Months |
25 | ECB | Sanmar Shipping Ltd | 14,000,000.00 | Import of Capital Goods | 8 Years |
26 | ECB | Phoenix Mecano (India) Ltd. | 650,000.00 | Modernisation | 4 Years |
27 | ECB | Inox India Limited | 3,000,000.00 | Overseas Acquisition | 5 Years |
28 | ECB | AMR Construction Ltd. | 7,500,000.00 | Rupee Expenditure Loc.CG | 5 Years |
29 | ECB | Epcos India Private Limited | 5,000,000.00 | Import of Capital Goods | 3 Years |
30 | ECB | IPN India Packaging Pvt.Ltd. | 916,630.75 | Modernisation | 6 Years 5 Months |
31 | ECB | Fiem Industries Ltd. | 6,500,000.00 | Modernisation | 5 Years 3 Months |
32 | ECB | Katsushiro Matex India Pvt. Ltd | 7,000,000.00 | New Project | 5 Years 1 Month |
33 | ECB | Myoung Shin India Automotive Pvt Ltd | 7,000,000.00 | Import of Capital Goods | 5 Years |
34 | ECB | The Great Eastern Shipping Co. Ltd. | 49,000,000.00 | Import of Capital Goods | 10 Years 3 Months |
35 | ECB | Greentech Plastwood Pvt. Ltd. | 515,270.46 | New Project | 10 Years 4 Months |
36 | ECB | Emuge India Pvt. Ltd. | 409,820.01 | Modernisation | 6 Years 1 Month |
37 | ECB | Bhushan Steel Limited | 300,000,000.00 | Rupee Expenditure Loc.CG | 10 Years |
38 | ECB | GPT Infraprojects Ltd. | 1,000,000.00 | Import of Capital Goods | 5 Years |
39 | ECB | Telco Construction Equipment Company Ltd | 20,000,000.00 | Rupee Expenditure Loc.CG | 4 Years |
40 | ECB | RR Kabel Ltd. | 6,800,000.00 | Import of Capital Goods | 5 Years |
41 | ECB | Ram Ratna Wires Ltd. | 4,500,000.00 | Import of Capital Goods | 5 Years |
42 | ECB | Bhaskar Exxoil Pvt. Ltd. | 8,400,000.00 | Import of Capital Goods | 10 Years |
43 | ECB | Bellsonica Auto Component India Pvt. Ltd | 4,244,481.69 | Modernisation | 12 Years |
44 | ECB | Apollo Tyres Ltd. | 20,000,000.00 | Modernisation | 7 Years 7 Months |
45 | ECB | Metalsa India Pvt. Ltd. | 15,000,000.00 | New Project | 3 Years 3 Months |
46 | ECB | Diab Core Materials Pvt. Ltd. | 400,000.00 | Import of Capital Goods | 3 Years 1 Month |
47 | ECB | Corewire Surface Technology Pvt Ltd. | 399,003.29 | Modernisation | 3 Years 2 Months |
48 | ECB | National Polyplast (India) Ltd. | 2,665,682.00 | Import of Capital Goods | 5 Years 7 Months |
49 | ECB | ABP Induction Systems Pvt. Ltd. | 71,000.00 | Modernisation | 5 Years |
50 | ECB | Ind Swift Laboratories Ltd | 20,000,000.00 | Modernisation | 6 Years 4 Months |
51 | ECB | The Kutch Salt and Allied Industries Ltd | 1,835,985.00 | Rupee Expenditure Loc.CG | 7 Years 1 Month |
52 | ECB | India Gateway Terminal Pvt. Ltd. | 20,000,000.00 | Port | 5 Years 3 Months |
53 | ECB | Great Offshore Ltd. | 42,215,587.00 | Overseas Acquisition | 6 Years 1 Month |
| | Automatic Route Total | 946,321,713 | | |
| * Based on Form 83 submitted for allotment of Loan Registration Number |
| # clarification sought from the company in regard to conformity with end-use requirement, eligibility of the borrower and other parameters of ECB. |
| II APPROVAL ROUTE |
1 | ECB | Tristar Container Services (Asia)Pvt.Ltd | 11,215,000.00 | Import of Capital Goods | 11 Years 1 Month |
2 | ECB | L&T Sapura Shipping Pvt Ltd. | 126,730,000.00 | Import of Capital Goods | 6 Years 8 Months |
3 | ECB | L&T Sapura Shipping Pvt Ltd. # | 14,213,000.00 | Import of Capital Goods | 1 Day |
4 | ECB | Bekaert Industries Pvt. Ltd. | 29,602,665.14 | Import of Capital Goods | 5 Years 8 Months |
5 | ECB | Heerema Marine Contractors India Pvt. L | 652,765.00 | Rupee Expenditure Loc.CG | 5 Years 1 Month |
| | Approval Route Total | 182,413,430 | | |
| | Grand Total | 1,128,735,143 | | |
External commercial borrowings access permits corporates to raise foreign loans; RBI reports November issuances via automatic and approval routes. Reserve Bank data reports aggregate issuances of
External Commercial Borrowings (ECBs) for the month across both the automatic and approval routes. Corporates registered under the Companies Act may access ECBs under the automatic route subject to an annual cap and prescribed end use conditions; transactions not covered by the automatic route are considered under the approval route on a case by case basis. The release itemises borrower-level ECBs by purpose and maturity and notes items for which RBI sought clarifications on end use and eligibility.
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