he portrait of Mahatma Gandhi is displayed on Indian rupee banknotes in an arranged photograph in Bangkok, Thailand. (Photographer: Brent Lewin/Bloomberg)

India Inc.’s Foreign Borrowings Down At $2.81 Billion In February

India Inc.'s borrowings from foreign markets fell to $2.81 billion in February, down by 9 percent from the year-ago month, data from the Reserve Bank of India showed.

The domestic firms had raised as much as $3.1 billion through the external commercial borrowing route in the corresponding month of 2018. No firms tapped the rupee-denominated bonds route to borrow capital from foreign markets during February. The entire fund mop-up during the month was done through the automatic route of ECB, showed the RBI data.

Among the major borrowers were Oil India Ltd. ($550 million for overseas investment), Indian Oil Corporation Ltd. ($400 million as working capital loan), Shriram Transport Finance Company Ltd. ($400 million for sub-lending) and Mahindra & Mahindra Financial Services Ltd. ($300 million for sub-lending).

Tata Capital Housing Finance Ltd. raised $200 million for on-lending, HPCL Rajasthan Refinery raised $140.71 million for new project investment, and Barclays Global Services Centre Pvt. Ltd. raised $130.11 million for new project.