Reliance borrows $1bn for refinancing ECB
India’s corporate sector borrowed US$2.03 billion in October 2020, down 41% from US$3.41 billion a year ago, according to data from the Reserve Bank of India (RBI).
Reliance Industries Ltd led in borrowing with US$1 billion for the refinancing of earlier external commercial borrowing (ECB). Bajaj Finance Ltd and Larsen and Toubro Ltd borrowed US$100 million each for on-lending and refinancing of earlier ECB, respectively.
ATC Tires AP Pvt Ltd borrowed US$52 million for a while computer manufacturer Luxshare India secured US$51 million for a new project funding.
The state-owned Power Finance Corporation raised US$300 million in two tranches for on-lending purposes, Press Trust of India reported on 6 Dec 2020, citing RBI data. #banking #finance #debts #loans #projects /fiinews.com
