Mukesh Ambani emerges as biggest borrower of external debt with RIL and Jio raising $3 billion

Funds raised by Indian firms via external debt hit the $5.20 billlion mark in November, and oveseas loans taken by Indian compnanies were up by 10 per cent, as per Reserve Bank of India's data. The biggest borrower was Mukesh Ambani with Reliance Industries Ltd and Reliance Jio raising $3 billion.

Foreign funds have been flowing in thanks to measures, including changes to external commercial borrowing limits, introduced by the RBI in July. The ceiling for costs in addition to interest loans was also raised to 100 basis points, helping inflow of loans further. The new rules for commercial borrowing tweaked by the central bank will be effective till the end of this year.