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India Inc raised a total of $1.75 billion in external commercial borrowing during April 2004.

As per the data released by the Reserve Bank of India, Total of 73 proposals were approved under the automatic route aggregating $1.35 billion. Most of these companies proposed to raise ECB either for rupee expenditure or working capital.

Tata Motors, borrowed $300 million and $100 million, under two different proposals for import of capital goods and acquisition abroad. This is closely followed by Reliance Industries with its $250 million for rupee expenditure and $115 million each by Bharti Tele-ventures and Mahindra & Mahindra for modernisation. Ashok Leyland and Zee Telefilms raised $100 million each for five years.

Under approval route, Exim Bank and PFC raised $300 million and $100 million respectively for five years.

.... Read Latest ECB Guidelines
.... Exclusive Section on ECB

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