RBI data shows shard drop in India Inc's foreign borrowing

The Indian firms had raised USD 3.48 billion in the same month a year ago by tapping resources overseas such as external commercial borrowings (RDBs) and rupee-denominated bonds (RDBs).

India Inc's foreign borrowing more than halved to USD 1.71 billion in September, data from Reserve Bank showed Tuesday.

The Indian firms had raised USD 3.48 billion in the same month a year ago by tapping resources overseas such as external commercial borrowings (RDBs) and rupee-denominated bonds (RDBs).

Of the USD 1.71 billion raised in a previous month, USD 1.21 billion was through automatic route while USD 500 million came in via approval route.

However, no money was raised by issuing rupee denominated bonds overseas during September 2018, showed the RBI data on External Commercial Borrowings (ECBs).

In a break-up, billionaire Mukesh Ambani owned Reliance Jio Infocomm Ltd raised USD 500 million for rupee expenditure through the approval route.

Those raising capital by automatic route included Power Finance Corporation USD 250 million for on-lending, PNB Housing Finance USD 200 million for on-lending, Glenmark Pharmaceuticals USD 100 million for refinancing of earlier ECB.

JSW Steel USD 75 million for modernisation, Sun Pharmaceuticals USD 50 million for rupee expenditure and IIFL Home Finance raised USD 50 million for on-lending.