New Delhi, Sep 14 (UNI) Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) has emerged as the biggest overseas borrower via External Commercial Borrowings (ECB), claiming the maximum pie of 20.7 per cent amounting to 5.97 billion dollars in FY 2007, followed by the Tata Group and the Reliance Industries Ltd (RIL), an industry body said.
The total ECB raised by Indian companies increased substantially from 24.7 billion dollars in FY 2006 to 29 billion dollars in the FY 2007, recording growth rate of 16.4 per cent, Assocham said.
From the total ECBs raised in the last fiscal, the share of Tata group carved out to be 3.2 per cent, amounting to 0.93 billion dollars, while RIL raised 0.55 billion dollars with a share of two per cent.
The Jindal Group was the fourth largest borrower, raising total ECB amounting to the 0.54 billion dollars with a share of 1.8 per cent.
Aditya Birla group and Videocon Ltd raised share of 1.7 per cent and 0.7 per cent respectively in the total ECB raised for the period.
The amounts borrowed by each group were 0.5 billion dollars and 0.2 billion dollars respectively.
''Due to the large expansion activities and technological upgradation by the companies, of the total ECBs maximum amount raised was used for the purpose of projects which increased from 13.3 per cent in 2005-06 to 28.5 per cent in 2006-07,'' Assocham President Venugopal N Dhoot said.
The foreign funds raising by the ADAG showed a remarkable growth rate of 249 per cent in the FY 2007 over the last year.
Aditya Birla Group recorded a growth rate of 84.6 per cent in FY07.
The group also raised substantial amounts for overseas acquisition, capital expenditure and rupee expenditure making a share of five per cent, 6.9 per cent and 4.7 per cent respectively.
Tata Group and Reliance Industries have witnessed a slow down in their growth rates declining by 27.14 per cent and 63.10 per cent respectively.
For the first two months of the current fiscal, the total ECB raised amounted to be 5.69 billion dollars in which the share of project was 39 per cent and that of modernisation was 4.5 per cent, amounting 2.21 billion dollars and 2.54 billion dollars respectively.