Date:04/06/2005 URL: http://www.thehindubusinessline.com/2005/06/04/stories/2005060402400600.htm

Back 48 cos seek RBI nod for ECBs

Our Bureau

Mumbai , June 3

UNITED Spirits, McDowell, Phipson Distillery, Mercator Lines and Bharat Forge are among the 48 companies that had sought permission from the RBI to raise money abroad in April 2005.

These companies proposed to raise funds through external commercial borrowings and foreign currency convertible debentures under the automatic approval channel, according to figures from the RBI Web site.

A total of 46 companies sought the RBI's approval for raising money overseas through the automatic route and two companies through the approval route.

All three distilleries sought permission to raise funds for new projects.

McDowell sought permission to raise $45 million and Phipson to raise $ 60 million, for over five years. United Spirits sought to raise $70 million for over four years. Another proposed big borrowing was by Mercator Lines, which sought to raise $60 million.