India Inc foreign borrowings down 44% at $1.2 bn in July

Updated - January 17, 2018 at 06:04 PM.

borrowings

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.

Published on August 26, 2016 09:36