NEW DELHI: 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.