Indian firms line up $7.7 billion in ECB proposals in July

Kolkata: Indian companies, including the operating company of Indigo and Tata Capital , filed proposals worth $7.70 billion in July to raise money through external commercial borrowings (ECB), registering a 27% growth over the previous month, data from the Reserve Bank of India (RBI) showed. The surge in overseas borrowing plans follows the RBI move to ease the external commercial borrowing framework, which increased the borrowing cap to $1 billion from the earlier $750 million in a year and removed restrictive all-in-cost ceilings. The central bank had eased the regulations in February. Air India and Interglobe Aviation , which operates India's largest passenger airline Indigo, together filed proposals worth $780 million taking special permissions from the central bank.