India Inc raises $5.20 billion via ECBs in November: RBI
The Reserve Bank of India (RBI) in its latest report has showed that India Inc raised $5.20 billion via external commercial borrowings (ECBs) during November 2022 as against $1.43 billion in October 2022, higher by 3.63 times.
ECBs are used as an additional source of funding by Indian corporates to augment resources available domestically. As per the RBI, Reliance Industries and Reliance Jio Infocomm together accounted for about 58 per cent of the resources raised by India Inc. These two companies raised $1.5 billion each.
Apart from Reliance, companies such as Hindustan Petroleum Corporation raised $25,00,00,000, SRF raised $2,50,00,000, Larsen and Toubro raised $10,70,00,000, JSW Vijayanagar Metallics raised $20,00,00,000 and SF Logistics raised $7,00,000 in November 2022. Besides the aforementioned companies, the other big fundraisers in November include Renew Surya Roshni and Adani Solar Energy AP Six.
