India Inc's external commercial borrowings drop 43% in March

MUMBAI: India Inc raised over USD 1.52 billion from overseas markets in March 2016, down by 43 per cent from USD 2.66 billion in the same month last year, RBI data showed today.

Of the total borrowings during the month, USD 201.05 million was raised through approval route, while USD 1.32 billion came through automatic route.

In the approval route, Adani Ports and SEZ raised USD 159.55 million for refinancing of earlier external commercial borrowing (ECB), Air India borrowed USD 38.09 million for import of capital goods.

Tasty Bite Eatables raised USD 3.41 million for other purposes through the approval route.

In automatic category, major borrowers include Chambal Fertilisers and Chemicals USD 425 million for modernisation projects, General Motors India USD 164.72 million for general corporate purpose.

And Rural Electrification Corporation raised USD 120 million for refinancing of earlier ECB.