Indian corporates have raised $1.11 billion during March-more than double the mop-up in February-through external commercial borrowings (ECBs) both in automatic and approval route. During February India Inc raised $452 million.
Aircel Limited was the largest ECB issuer for $500 million for rupee expenditure and telecommunications for a period of 5 years and 3 months, through the automatic route.
Under the automatic route, $856 million have been raised, while $257 million has been raised under the approval route.
In the month of February 2009, corporates raised a total of $452 million, through the automatic and approval route, as against $1.33 billion in January 2009, thereby showing a significant fall in the resources raised.
At the same time, in December 2008, corporates raised a total of $1.66 billion as against $1.70 billion in November 2008, by way of ECBs and foreign currency convertible bonds (FCCBs).
In February 2009, Ford India Pvt Ltd is the largest ECB issuer for the import of capital goods for a maturity period of 5 years and 6 months, issuing $105 million, through the automatic route. This is followed by Jaiprakash Associates Ltd, which raised $100 million for FCCB buyback, with a maturity period of 6 years and 4 months.
Last year, same time, ECBs slowed down to $188.77 million, in January 2008, from $226.82 million in December 2007 as Indian corporates moved away from international markets to borrow funds. In January 2009, Indian companies raised funds worth $764 million and $573 million through automatic and approval ECB routes respectively to meet their import needs or fuel the expansion plans. Nacil raised maximum funds worth $364.18 million through the approval route towards import of capital goods for tenure of 12 years and 1 month.
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Foreign exchange reserves have risen $2.8bn during the week ended April 03, partly on account of revaluation of non-dollar assets in reserves. Also there have been some year-end inflows that have helped boost the reserves. In the local marksts, the total money supply growth for 2008-09 was reined in within the revised growth target of 19% for the year at 18.6%. For the first time in four years has the money supply has manged to remain within the targeted levels. 
