Indian cos' foreign borrowings down 45 pc to USD 2 bn in Dec'19
- Country:
- India
Foreign borrowings of Indian companies fell over 45 per cent to USD 2.09 billion in December 2019 as compared to the year-ago period, according to the Reserve Bank data. Indian firms had raised USD 3.81 billion in December 2018, which included USD 37 million through issuance of masala bonds.
Of the total money borrowed by domestic companies during December 2019, USD 1.2 billion was through the automatic route of external commercial borrowing (ECB) and USD 840 million via approval route of ECB. The remaining USD 55.98 million was raised through the rupee denominated bonds or popularly known as masala bonds.
The borrowers taking the automatic route of ECB included HPCL-Mittal Pipelines (USD 262.5 million), HDFC Credila Financial Services ( USD 100 million), LIC Housing Finance (USD 200 million) and Toyota Financial Services India (USD 100 million), among others. Those who borrowed through the approval route were REC Ltd (USD 500 million) and Power Finance Corporation (USD 250 million), besides others.
Cholamandalam Investment and Finance Company was the only company to have floated masala bonds overseas to raise up to USD 55.98 million for on-lending, as per RBI data.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
"Want every Indian to see that video clip": Jewish woman of Indian-origin recalls losing loved ones to Hamas terrorists on Oct 7
"Knows a thing or two about terrorism, how to confront it": Former Israeli envoy lauds Indian support after Hamas attacks
Indian stocks marginally lower Friday, retail inflation data now in focus
Focused on scaling India presence, plan to introduce more Indian English voices: CEO of AI voice generator Murf
Top seeded Indian squash player Akanksha stunned by unexpected defeat in USA tournament