New Delhi: Companies are under pressure due to the ongoing recession in the country. They have increased cash crisis. But the companies raised foreign debt of $ 4.98 billion in July this year. This is more than twice the amount of foreign debt raised by domestic companies a year ago. This has been revealed by the new figures of the Reserve Bank of India.
In July 2018, Indian companies raised $ 2.18 billion in debt from the overseas market. Of the total debt raised by domestic companies, $ 3.37 billion was raised through external commercial borrowings, $ 1.56 billion through ECB permits and $ 5.09 million through spices or rupee bonds.
The Adani Ports and Special Economic Zone raised $ 750 million from the ECB's Automatic Permission Route in a term of Rs. The company also raised $ 650 million to repay the earlier ECB. ONGC Videsh Limited raised $ 500 million for other purposes. Larsen & Toubro and HPCL-Mittal Energy raised $ 150 million and $ 125 million, respectively. The government is taking all sorts of steps to solve the cash crisis with companies.
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