Reliance Industries (RIL) raised $487 million through external commercial borrowings (ECB), the highest amount among 81 companies which went for ECBs in June. RIL borrowed the amount for a tenure of 13 years and five months for import of capital goods. Besides, RIL, Uttam Galva Steels borrowed $180 million, the second largest amount, for refinancing of rupe
Tag: ECB
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Govt may relax ECB norms
After holding consultation with Indian companies, especially in the infrastructure sector, the government may relax guidelines for accessing funds through external commercial borrowing (ECB), media reports indicate. Under the ECB route, borrowers can raise dollar-denominated loans directly from international banks, international capital markets, multilateral financial institutions such as International Finance Corporation and
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Govt may relax ECB norms
After holding consultation with Indian companies, especially in the infrastructure sector, the government may relax guidelines for accessing funds through external commercial borrowing (ECB), media reports indicate. Under the ECB route, borrowers can raise dollar-denominated loans directly from international banks, international capital markets, multilateral financial institutions such as International Finance Corporation and
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RBI permits ECB facility for NBFC-AFCs
Reserve Bank of India (RBI) allowed Non-banking finance companies (NBFCs) categorised as Asset Finance Companies (AFCs) to avail of external commercial borrowing (ECB). But the central bank imposed certain conditions for such NBFCs to access ECB window. One of the condition is that they would avail ECB under the automatic route with minimum average maturity of five years. Further, the funds raised through the ECB route must
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India sees 12.9% rise in external debt in FY13
According to a government data, India's external debt rose 12.9 per cent to $390 billion as at end March 2013 from the previous year. Of the total external debt, external commercial borrowings (ECB) by Indian companies contributed almost a third. Deposits from Non-Resident Indians (NRIs) constituted 18.2 per cent of the external debt. Worryingly, short-term debt constituted about a fourth of the countryĆās
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Essar Steel raises $1 bn via ECB
In order to reduce interest cost, Essar Steel decided to swap rupee debt with dollar loans. As part of this initiative, the flagship firm of Ruia Group raised $1 billion through external commercial borrowings (ECB), thereby saving interest cost by at least 6 percent or 450 crore. Banks led by IDBI and ICICI Bank subscribed to the ECB. The company is making attempt to convert its rupee liabilities into dollar as its earnings are in
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RBI relaxes ECB norms for residential developers
Developers and builders who have at least three years' experience in implementing residential projects may avail external commercial borrowing (ECB) for low-cost affordable housing projects. Reserve Bank of India (RBI) reduced the number of years of experience from the existing five years to three years in order to enable more developers to access ECB route
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Rupee weakness to hit infra projects funded via ECBs
India Ratings & Research (Ind-Ra) said the ongoing depreciation of rupee against the dollar is eroding the cost advantage of external commercial borrowing (ECB) for domestic infrastructure projects. companies preferred to raise funds through ECB as interest rate charged on such loan is cheaper that credit in the local market
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ECB facility may promote affordable housing projects
Industry players expect the Reserve Bank of India's (RBI) move to allow real estate developers raise funds from External Commercial Borrowings (ECB) would increase the supply of low-cost houses. It may be recalled that the central bank allowed developers and housing finance companies to raise a maximum of $1 billion for affordable housing
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Chinese bank to lend Essar Energy in return for fuel
China Development Bank (CDB) agreed to lend $1 billion to Essar Energy in return for export of high-end Euro 5 grade gasoline and other petroleum products from the latter's Vadinar refinery to PetroChina. PetroChina is the listed arm of China National Petroleum (CNPC), the nation's largest oil company by production