Reports indicate that the debt levels of Indian companies, especially in the infrastructure sector, have risen considerably in the past five years.

   In terms of total debt for 2011-12, Essar group tops the list with Rs 93,800 crore, followed by Vedanta (Rs 93,500 crore), Reliance (Rs 86,700 crore), Adani (Rs 69,500 crore), Jaypee (Rs 45,400 crore), JSW (Rs 40,200 crore), GMR (Rs 32,900 crore), Lanco (Rs 29,300 crore).

   Infrastructure major Lanco group has witnessed the steepest rise in its debt level in the past five years, followed by Adani, GVK group, Vedanta and GMR, according to an analysis of debt levels of the top-10 corporate groups in the country by global financial services giant Credit Suisse.

   While Lanco's group debt has grown at an annual rate of 76 per cent in the past five financial years, the rise has been 74 per cent for Adani, 65 per cent for GVK, 58 per cent for Vedanta and 55 per cent for GMR group.

   The combined debt of the top-10 groups grew over five times in last five years, from Rs 99,300 crore to Rs 5,39,500 crore, at a compounded annual growth rate of 40 per cent. In comparison, the total banking system loans grew by just 20 per cent annually during this period.

   According to reports from brokerages, the rising debt levels of select companies has increased concentration risk for Indian banks (who are the lenders to these companies).