Page 12 TradéWinds September 2 1994 Foreign lenders targeting India NEW DELHI: The number of foreign banks and financial institutions keen to invest in well-managed Indian shipping companies is increasing every month. This is despite the noninvestment grade credit rating India receives from leading agencies such as Standard and Poor s and Moodys . While Washington-based International Finance Corporation is picking up a substantial stake in Bombay-based Chowgule Steamships, other foreign investors are investing through long-term loans and by acquiring Global Depositary Receipts (GDRs) issued by Indian companies to raise hard currency.