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India Inc’s overseas borrowings fell 44 per cent to $1.2 billion in July this year against $2.14 billion in the same period a year ago.
Indian firms raised $183.7 million via approval route while the rest $1.02 billion was raised by way of automatic channel, according to the Reserve Bank data released today.
Under the approval route, Tikona Digital Networks raised $171 million for import of capital goods, while Vijayawada Tollway raised $11.07 million for road related works.
Among major borrowers using the automatic route to raise money were HDFC ($446.38 million) for on-lending, Glenmark Pharmaceuticals ($200 million) for overseas acquisition and Adani Transmission $74.40 million for refinancing of rupee loans.
Birla Corporation raised $40 million for refinancing of earlier ECB, while Siemens Financial Services raised $37.20 million for on-lending, via automatic route.
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