India Inc’s foreign borrowings grew over two-fold to $3.41 billion in October over the corresponding month a year ago, according to data from the Reserve Bank of India.
Indian companies had raised $1.41 billion in borrowings from overseas markets in October last year.
ALSO READ: RBI cuts GDP growth forecast to 5%, repo rate remains unchanged at 5.15%
Of the total money borrowed by the domestic companies, $2.87 billion was through the automatic route of external commercial borrowing (ECB), $538 million came in through the approval route of ECB, showed the data.
In the ECB category, the major borrowers tapping the automatic route included Muthoot Finance ($400 million), HPCL-Mittal Energy ($300 million), Wardha Solar ($251 million), Larsen and Toubro ($200 million), Deccan Fine Chemicals ($140 million) and Aditya Birla Finance ($75 million).
Two companies tapped the approval route with JSW Steel raising $400 million and Shriram Transport Finance borrowed $138 million in October 2019.
No money was raised through the rupee-denominated bonds or the masala bonds during the month, nor this year last month.
(With Agency Inputs)