INSUBCONTINENT EXCLUSIVE:
Major borrowers in the ECB category include ONGC Videsh, which raised $600 millionIndian companies raised nearly $ 1.34 billion from
foreign markets in October this year, down 34 per cent from the year-ago period, RBI data showed on Wednesday.The domestic firms had raised
over $ 2.03 billion from the overseas markets in October 2020
In a break-up, the companies raised as much as $ 1.32 billion by way of external commercial borrowings (ECBs) from the automatic
route.While, the rest of $ 1,47,49,994 was raised by a single firm -- Fortum Solar Plus Pvt Ltd -- by issuing rupee-denominated bonds
(RDBs), popularly known as masala bonds.The company is engaged in electricity, gas and steam air conditioning supply and the proceeds of the
borrowings are to be used for refinancing of rupee loans, showed the RBI data on External Commercial Borrowings for October 2021.Major
borrowers in the ECB category include ONGC Videsh Ltd, which raised $ 600 million for refinancing of earlier ECB
Indian Oil Corporation raised $ 250 million and Renew Solar Urja $147 million
Both the companies will use the funds for rupee expenditure.
