External commercial borrowings: India

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YEAR-WISE TRENDS

2018 Oct> 2019 Oct

Dec 9, 2019 Times of India

India Inc’s foreign borrowings grew over two-fold to $3.4 billion in October over the corresponding month a year ago, according to RBI data. Indian companies had raised $1.4 billion in borrowings from overseas markets in October 2018.

Of the total money borrowed by domestic companies, $2.9 billion was through the automatic route of external commercial borrowing (ECB), $538 million came 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), HPCLMittal Energy ($300 million), Wardha Solar (Maharashtra) ($251 million), L&T ($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. AGENCIES