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HomeBusinessIndia Inc's Nov foreign borrowing up 60% at $3.5 billion

India Inc’s Nov foreign borrowing up 60% at $3.5 billion

Indian Industry raised USD 3.49 billion from overseas markets last month, up 60.2 per cent from a year ago, as per the Reserve Bank data released on Monday.

The domestic firms had raised USD 2.18 billion overseas in November last year.

Of the total borrowings in November 2014, USD 1.52 billion was raised through the approval route, while USD 1.97 billion came through automatic route.

As many as 64 companies raised money from automatic route and 3 firms raised via approval route, showed RBI data on external commercial borrowing (ECB).

In the approval route category, Reliance Jio Infocomm raised USD 1 billion for refinancing of its earlier ECB, sub- lending, JSW Steel Ltd USD 500 million for refinancing of rupee loans and Daramic Battery Seperator India Pvt Ltd raised USD 24.95 million for new project.

In the automatic route category, the major borrowers were NTPC Ltd and Reliance Jio Infocomm, raising USD 500 million each for power project and refinancing of earlier ECB needs.

Power Finance Corporation raised USD 250 million for on-lending, Export-Import Bank of India raised USD 171.95 million for sub-lending and Sahara Hospitality Ltd raised USD 60 million for modernisation projects.

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