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External commercial borrowings drop 20% to $3.16 billion in April

JSW Steel Ltd was the only firm that raised USD 500 million through the approval route to channel capital for modernisation

twitter-logo PTI        Last Updated: June 2, 2019  | 17:49 IST
External commercial borrowings drop 20% to $3.16 billion in April

Indian industry's borrowings from foreign markets fell by nearly 20 per cent to USD 3.16 billion in April 2019 compared to the year-ago month, according to the Reserve Bank data.

Domestic firms had raised USD 3.92 billion from overseas markets in April 2018.

Of the total external commercial borrowings (ECBs) in April 2019, USD 2.66 billion was raised through the automatic route, USD 500 million through approval route while the rest of USD 304,462 came through the issue of rupee-denominated bonds (RDBs), the RBI data showed.

Under the automatic route, Shriram Transport Finance Company (USD 750 million on sub-lending), Dhamra Lng Terminal (USD 600 million for rupee expenditure), Indian Railway Finance Corporation (USD 300 million for infrastructure development), and Ikea India Pvt Ltd (USD 257.82 million as working capital loan) were among the major borrowers.

Tata Motors Finance Ltd (USD 150 million for on-lending), Performance Speciality Products (India) Pvt Ltd (USD 89.91 million as working capital funding), and Johnson Matthey India Pvt Ltd (USD 64.82 million for new project requirement) tapped funds under the automatic route.

JSW Steel Ltd was the only firm that raised USD 500 million through the approval route to channel capital for modernisation. While Biosense Technologies Pvt Ltd was the sole firm that floated RDBs or masala bonds overseas to raise USD 304,462 for new project needs.

Also Read: 5 key factors that will affect Indian equity markets this week

Also Read: PepsiCo to invest $70 million to set up food manufacturing plant in Uttar Pradesh

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