India Inc's foreign borrowings grew over two-fold to $4.98 billion in July over the same month a year ago, according to Reserve Bank data.
Indian firms had raised $2.18 billion in borrowings from overseas markets in July 2018.
Of the total money borrowed by the domestic companies, $3.37 billion was through the automatic route of external commercial borrowing (ECB), USD 1.56 billion via approval route of ECB and the rest of $50.9 million was raised by issuing masala or rupee denominated bonds.
In the ECB category, the major borrowers tapping the automatic route were Adani Ports And Special Economic Zone Ltd -- which raised $750 million for rupee expenditure and USD 650 million for refinancing of earlier ECB, ONGC Videsh USD 500 million for other purposes.
Larsen & Toubro and HPCL-Mittal Energy raised USD 150 million and USD 125 million, respectively for rupee expenditure.
Among others, Aditya Birla Housing Finance; L&T Finance; GACL-NALCO Alkalies & Chemicals and India Infoline Finance raised USD 100 each for on-lending purposes.
In the approval route of ECB, Reliance Industries raised a total of USD 912.87 million in three different tranches to meet rupee expenditure and import of capital goods while REC Limited raised USD 650 million for on-lending.
Toyota Financial Services India was the only company that raised USD 50.86 million by issuing masala or rupee denominated bonds in the overseas market for the purpose of sub-lending.