India Inc’s foreign borrowing soars 74% to $2.18 bn in July

India Inc’s foreign borrowing soars 74% to $2.18 bn in July

FPJ BureauUpdated: Wednesday, May 29, 2019, 06:33 AM IST
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Mumbai : India Inc raised $2.18 billion from overseas markets in July through external commercial borrowing, up 74 per cent from a year ago, RBI data showed.

In July 2017, the companies raised $1.89 billion by tapping foreign markets.

Of the total borrowings (ECB), $1.75 billion was raised through automatic route and rest from approval route of the ECB.

Reliance Jio Infocom was the only company to have raised over $1 billion via the approval route.

Among the major borrowers in the automatic route included JSW Steel $165 million for modernisation project, Dewan Housing Finance Corporation $240 million for refinancing of earlier ECB and GE Diesel Locomotive $121 million for refinancing of rupee loan.

Prodair Air Products India $72.28 million for new project and BMW India Financial Services $48.68 million for the purpose of on lending.

No money was raised through the way of Rupee-denominated bonds (RDB) during the month, showed the data.

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