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Foreign borrowings of firms down over 45% to $2 billion in Dec 2019

Indian firms had raised $3.81 billion in December 2018, which included $37 million through issuance of masala bonds

twitter-logo PTI   Mumbai     Last Updated: February 9, 2020  | 13:39 IST
Foreign borrowings of firms down over 45% to $2 billion in Dec 2019
Cholamandalam Investment and Finance Company was the only company to have floated masala bonds overseas to raise up to $55.98 million for on-lending

Foreign borrowings of Indian companies fell over 45 per cent to $2.09 billion in December 2019 as compared to the year-ago period, according to the Reserve Bank data.

Indian firms had raised $3.81 billion in December 2018, which included $37 million through issuance of masala bonds.

Of the total money borrowed by domestic companies during December 2019, $1.2 billion was through the automatic route of external commercial borrowing (ECB) and $840 million via approval route of ECB.

The remaining $55.98 million was raised through the rupee denominated bonds or popularly known as masala bonds.

The borrowers taking the automatic route of ECB included HPCL-Mittal Pipelines ($262.5 million), HDFC Credila Financial Services ($100 million), LIC Housing Finance ($200 million) and Toyota Financial Services India ($100 million), among others.

Those who borrowed through the approval route were REC Ltd ($500 million) and Power Finance Corporation ($250 million), besides others.

Cholamandalam Investment and Finance Company was the only company to have floated masala bonds overseas to raise up to $55.98 million for on-lending, as per RBI data.

Also read: India Inc's foreign borrowings more than double to $4.98 billion in July: RBI

Also read: India Inc's foreign borrowings fall 9% to $2.81 bn in February; Oil India emerges as top borrower

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