India Inc's overseas borrowing up 6.5% to USD 2.12 bn in Nov 2019
Overall borrowings by India Inc from overseas markets grew 6.5 percent to USD 2.12 billion in November 2019, the Reserve Bank data showed. Domestic companies had borrowed over USD 1.99 billion in November 2018 from foreign sources.
Of the total foreign borrowing during the month, USD 2,11,53,22,022 was raised through the automatic route under the external commercial borrowing (ECB). No capital came in through the approval route, while the rest of USD 9,86,681 was by way of issuance of rupee-denominated bonds (RDB).
The major borrowers in the automatic route of ECB were: Adani Transmission Ltd (USD 500 million for refinancing of rupee loans), Tata Motors Ltd (USD 400 million for rupee expenditure), Oil and Natural Gas Corporation (USD 300 million for new project) and JSW Steel Ltd (USD 250 million for refinancing of earlier ECB). Among others, Home Credit India Finance raised USD 61.58 million for on-lending purpose, manufacturing firm Nipro India Corporation Private Ltd borrowed USD 52.1 million to carry out modernization work, non-metallic mineral producer Owens-Corning (India) Private Limited raised USD 30 million for working capital needs, and Exxonmobil Services & Technology Pvt Ltd borrowed USD 30 million for rupee expenditure.
Margdarshak Financial Services Limited, which is into microfinance business, except for insurance and pension funding, was the sole entity to raise the money by issuing the rupee bonds (popularly known as masala bonds).
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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