India Inc's external borrowings increases over 4 times to $ 3.17 billion in August 2016

India Inc's external commercial borrowing (ECBs) rose over four times to $ 3.17 billion in August 2016, as compared to that of $750.77 million raised in a year ago period. The borrowings were in combination of automatic and approval route both.

As per the RBI data, of the total borrowing, $ 586.57 million were raised via the approval route while $ 2.59 billion was generated through the automatic route. The Jawaharlal Nehru Port Trust  was the major fund raiser in approval route, worth $ 400 million for sub-lending, for a maturity period of seven years and six months and Jet Airways raised $ 185 million for its working capital needs for a maturity period of  approximately five years.

Among major borrowers in the automatic route, Export Import Bank of India mopping up $ 1 billion for sub-lending, Adani Transmission raised $ 500 million for refinancing of rupee loans (84 per cent and refinancing of earlier ECB (16 per cent), NTPC raised $ 298.77 million for power projects, Gail (India) raised $ 300 million, IL&FS Transportation Networks raised $ 80 million for sub-lending and HDFC raised $ 74.69 million for further lending purposes.