Loans to Indian companies climb 14% to $29 bn in ’09

Loans to Indian companies climb 14% to $29 bn in ’09

New Delhi: Syndicated lending to companies in India has shot up by 14% to $29 billion so far this year, even as loans to firms in the Asia-Pacific region more than halved to $103 billion during the same period.

Moreover, India has accounted for 28% of the total deal volume so far in 2009.

The entities in the Asia-Pacific region (excluding Japan) raising money through syndicated lending has reached $103.3 billion, global deal tracking firm Dealogic said in a report. Syndicated lending is a process whereby a group of banks come together to finance a project.

Syndicated lending to India jumped to $29 billion year-to-date, an increase of 14% as against the same period a year ago. In the comparable period, the total amount stood at $25.7 billion.

Out of the total volume, India’s share is 28%, Dealogic noted.

This represents a 14% increase on the $25.7 billion raised in 2008 year-to-date, making India the only top 10 nation in Asia Pacific (excluding Japan) to register year-on-year growth, it said.