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India Inc's overseas borrowing rises to $3.41 billion in October: RBI

09 Dec 2019 Evaluate

Indian companies borrowed $3.41 billion from overseas markets in the month of October 2019 as against $1.41 billion raised in October 2018. According to the Reserve Bank of India (RBI) data report, out of the total borrowings, $2.87 billion was through the automatic route of external commercial borrowing (ECB), while $538 million came in through the approval route of ECB.

In the ECB category, the major borrowers tapping the automatic route included Muthoot Finance ($400 million), HPCL-Mittal Energy ($300 million), Wardha Solar (Maharashtra) ($251 million), Larsen and Toubro ($200 million), Deccan Fine Chemicals ($140 million) and Aditya Birla Finance ($75 million).

Further, the data report found that only two companies tapped the approval route in October 2019 i.e.  JSW Steel raised $400 million, while Shriram Transport Finance borrowed $138 million. No money was raised through the rupee-denominated bonds or the masala bonds during the month, nor in the year-ago period.

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