The amount borrowed by domestic companies from overseas markets has doubled to $ 3.41 billion ($ 3.41 billion) in October this year. Talking about this month's figures a year ago, Indian companies then raised $ 1.41 billion in loans from foreign markets. Data from the Reserve Bank of India (RBI) show that Indian companies raised $ 2.87 billion in external commercial loans (ECBs) through the automatic approval route in October. With this, a loan of $ 53.8 million has been raised through the ECB approval route.

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According to the data, the main companies in the ECB category that raise funds automatically are Muthoot Finance ($ 400 million), HPCL-Mittal Energy ($ 300 million), Larsen & Toubro ($ 200 million), Deccan Fine Chemicals (14) Million dollars), Wardha Solar ($ 251 million) and Aditya Birla Finance ($ 75 million). In October 2019, two companies raised funds through the approval route. These two companies are JSW Steel ($ 400 million) and Shriram Transport Finance ($ 138 million). At the same time, no amount has been raised from the rupee-based bond or spice bond in October 2019.

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According to the changes cleared by the Cabinet on Wednesday, the resolution plan will be binding on all stakeholders, including the central government, any state government or local authority, to whom a loan may be outstanding in relation to the payment of dues. With this, the Committee of Creditors (COC) can decide to liquidate the corporate debtor, any time after the committee is formed and before the information memorandum is prepared for the proposal, sources said. With the amendments, there will be greater clarity on allowing comprehensive corporate restructuring plans such as mergers and demergers as part of the resolution plan.

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