India Inc has raised $1.52 billion from overseas markets in March 2016, down 43 percent as compared to that of $2.66 billion raised in the corresponding year ago period, according to Reserve Bank of India (RBI) data. The borrowings in a combination of automatic and approval route were done by way of external commercial borrowing (ECBs). Out of the total borrowings during the month, $1.32 billion were raised through automatic route while $201.05 million came via approval route.
Out of the total 80 borrowers, three raised the money through approval route, while the rest by the way of automatic route. Through approval route, Adani Ports and SEZ raised $159.55 million for refinancing of earlier external commercial borrowing; Air India borrowed $38.09 million for import of capital goods and Tasty Bite Eatables raised $3.41 million for other purposes through the approval route.
For automatic category, major borrowers include Chambal Fertilisers and Chemicals who raised $425 million for modernisation projects, General Motors India raised $164.72 million for general corporate purpose. Rural Electrification Corporation raised $120 million for refinancing of earlier ECB.