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.