India Inc.’s Foreign Borrowings More Than Double To $4.98 Billion In July
A customer counts Indian one-hundred rupee banknotes before depositing them in India. (Photographer: Dhiraj Singh/Bloomberg)  

India Inc.’s Foreign Borrowings More Than Double To $4.98 Billion In July

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India Inc.'s foreign borrowings grew over two-fold to $4.98 billion in July over the same month a year ago, according to data from the Reserve Bank of India.

Indian firms had raised $2.18 billion in borrowings from overseas markets in July 2018.

Of the total money borrowed by the domestic companies, $3.37 billion was through the automatic route of external commercial borrowing, $1.56 billion via approval route of ECB and the rest of $50.9 million was raised by issuing masala or rupee denominated bonds.

In the ECB category, the major borrowers tapping the automatic route were Adani Ports And Special Economic Zone Ltd. -- which raised $750 million for rupee expenditure and $650 million for refinancing of earlier ECB, ONGC Videsh $500 million for other purposes.

Larsen & Toubro and HPCL-Mittal Energy raised $150 million and $125 million, respectively for rupee expenditure.

Among others, Aditya Birla Housing Finance, L&T Finance, GACL-NALCO Alkalies & Chemicals and India Infoline Finance raised $100 each for on-lending purposes.

In the approval route of ECB, Reliance Industries Ltd. raised a total of $912.87 million in three different tranches to meet rupee expenditure and import of capital goods while REC Ltd. raised $650 million for on-lending.

Toyota Financial Services India was the only company that raised $50.86 million by issuing masala or rupee denominated bonds in the overseas market for the purpose of sub-lending.

Also read: India Inc. Says Measures Announced By Government Will Boost Confidence

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