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India Inc's overseas borrowings rise to $3.41 billion in October: RBI

In the ECB category, the major borrowers tapping the automatic route included Muthoot Finance, HPCL-Mittal Energy, Wardha Solar (Maharashtra), L&T, Deccan Fine Chemicals and Aditya Birla Finance

twitter-logo PTI        Last Updated: December 8, 2019  | 15:41 IST
India Inc's overseas borrowings rise to $3.41 billion in October: RBI

India Inc's foreign borrowings grew over two-fold to $3.41 billion in October over the corresponding month a year ago, according to data from the Reserve Bank of India.

Indian companies had raised $1.41 billion in borrowings from overseas markets in October 2018.

Of the total money borrowed by the domestic companies, $2.87 billion was through the automatic route of external commercial borrowing (ECB), $538 million came in through the approval route of ECB, showed the data.

In the ECB category, the major borrowers tapping the automatic route included Muthoot Finance ($400 million), HPCL-Mittal Energy ($300 million), Wardha Solar (Maharashtra) ($ 251 million), Larsen and Toubro ($200 million), Deccan Fine Chemicals ($140 million) and Aditya Birla Finance ($75 million).

Two companies tapped the approval route with JSW Steel raising $400 million, while Shriram Transport Finance borrowed $138 million in October this year.

No money was raised through the rupee-denominated bonds or the masala bonds during the month, nor in the year-ago period.

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