<p>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.<br />Delhi-based Bhushan Steel garnered USD 300 million in ECBs under the automatic route for its domestic use (rupee expenditure).<br /><br />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.<br /><br />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.<br /><br />ECBs are used as an additional source of funding by Indian corporates to build capacity and raise fresh investments to augment the resources available domestically.<br /><br />Foreign Currency Convertible Bonds (FCCBs) are also governed by norms similar to ECBs. Companies may also resort to the FCCB route for raising funds.<br /><br />Other major fund raising in November under the automatic route was done by The Great Eastern Shipping Co which raised USD 49 million for import of capital goods.<br /><br />Under the approval route, L&T Sapura Shipping raised a total of around USD 141 in two tranches for import of capital goods.</p>
<p>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.<br />Delhi-based Bhushan Steel garnered USD 300 million in ECBs under the automatic route for its domestic use (rupee expenditure).<br /><br />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.<br /><br />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.<br /><br />ECBs are used as an additional source of funding by Indian corporates to build capacity and raise fresh investments to augment the resources available domestically.<br /><br />Foreign Currency Convertible Bonds (FCCBs) are also governed by norms similar to ECBs. Companies may also resort to the FCCB route for raising funds.<br /><br />Other major fund raising in November under the automatic route was done by The Great Eastern Shipping Co which raised USD 49 million for import of capital goods.<br /><br />Under the approval route, L&T Sapura Shipping raised a total of around USD 141 in two tranches for import of capital goods.</p>