Comments
India Inc’s foreign borrowings dipped nearly 66 per cent to $1.41 billion in October this year, as per the data presented by the Reserve Bank of India (RBI).
The domestic firms had borrowed $4.09 billion from overseas markets through external commercial borrowings (ECBs) as well as Foreign Currency Convertible Bonds (FCCBs) in October 2017.
Besides, there was additional borrowings of $314.99 million through rupee denominated bonds (RDBs) in the year-ago month.
However, the borrowings through RDBs remained unchanged in October this year.
Of the total borrowing amount in October, the Indian companies brought in $1.40 billion through automatic route and the rest of $8.54 million was by way of approval route.
Among the major borrowers, HPCL-Mittal Energy Ltd raised $350 million for rupee expenditure; Oppo Mobiles India Pvt Ltd $250 million for import of capital goods; Ostro Kutch Wind $88.27 million for new project; ICICI Home Finance Company $75 million for on-lending.
Bharti Airtel raised $100 million each for tenors of 5 years and 6 years for refinancing of earlier ECB and rupee expenditure respectively.
Taiyo Nippon Sanso India Pvt Ltd ($8.54 million) was the only company to have raised money from approval route.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.