India Inc raised over $1.16 billion through external commercial borrowing (ECB) and foreign currency convertible bonds (FCCB) during July, according to latest data from the Reserve Bank of India (RBI).

While $11,12,853,879 was raised through the automatic route under 62 projects by over 55 companies, another $5,17,17,228 was raised by five companies under the approval route.

Vicat Sagar Cements, a joint venture between France-based Vicat SA and Sagar Cements, raised a total of over $240 million in three tranches under the automatic route for a new project.

The RBI, however, did not give details regarding the projects.

ECBs are used as an additional source of funds by Indian corporates for expansion of their existing capacity and fresh investment to augment the resources available domestically.

Corporates, registered under the Companies Act, 1956, can access ECB under the automatic route up to $500 million in a financial year. The ECB, which is not covered by the automatic route, is considered under the approval route on a case-by-case basis by RBI.

FCCBs are also governed by norms similar to ECBs.

HPCL Mittal Energy, the joint venture between Hindustan Petroleum Corporation and Mittal Energy Investment, raised $175 million under the automatic route for a new project.

Other major raisings under the automatic route were by Infrastructure Development Finance Corporation ($74 million for onward lending), Shiv Vani Oil and Gas Exploration Services ($95 million for import of capital goods) and Aurobindo Pharma ($50 million for overseas acquisition) and Ranbaxy Laboratories ($50 million for modernisation).

Under the approval route, Gujarat-based Roxul-Rockwool Insulation India raised $17.07 million for import of capital goods, followed by Select ARC India which raised $14.22 million for a new project.