Indian companies raised $3.51 billion through External Commercial Borrowings (ECBs) in January 2013 to fund modernisation, refinancing, importing capital goods and on lending data released by Reserve Bank of India showed. However there wasn't a single Foreign Currency Convertible Bond issuance in the first month of the year. Out of the total amount raised, $637 million was via the automatic route while $2.87 billion was raised through the approval route that requires case-by-case approval by the RBI. Under automatic route IDFC raised about $52 million for onward lending to power sector Vedanta Aluminum raised about $45 million for refinancing of earlier ECBs. IDFC raised the money for five years while Vedanta raised the money for 2 years and six months. Under approval route, Exim Bank raised $750 million for onward lending while Power Grid Corporation raised $500 million. Both the companies' loan tenure is 10 years and one month.