India Inc’s overseas borrowings more than double to $4.98 billion in July

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

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

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

Read also: Specifics of overseas borrowing will be out by Sept, says Finance Secretary Garg

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

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

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

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

Toyota Financial Services India was the only company that raised USD 50.86 million by issuing masala or rupee-denominated bonds in the overseas market forsub-lending.