Overseas Borrowings-Aviation cos top list of overseas borrowers

New Delhi: Aviation companies have resorted to the highest amount of External Commercial Borrowings (ECBs) to fund their expansion plans during the first seven months of the current financial year (April-October 2007), followed by steel companies.
Six sectors, namely, aviation, steel, telecom, automobiles, pharmaceuticals and shipping, have taken $10,377-million ECBs during the first seven months out of a total of $19,209 million, accounting for more than 54 per cent of total ECBs during this period.
According to the data compiled by the Reserve Bank of India, airline companies have made ECBs amounting to $3,637.40 million.
The largest carrier Jet Airways has borrowed $1,856 million, mainly to acquire aircraft. The new entity created through the merger of Air India and Indian Airlines — National Aviation Company Ltd — has taken $1,020 million in October this year. Earlier Indian Airlines and Air India Charters had borrowed $518 million and $429 million, respectively.
23/12/07 Business Line

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Categories: Foreign Dec 2007, General Aviation Dec 2007