India Inc's foreign borrowings fell 45 per cent in May to $1.32 billion

MUMBAI: India Inc raised $1.32 billion from overseas markets in May, down 45 per cent from the same month a year ago, RBI data showed today.

Indian companies had raised $2.39 billion from foreign markets in May 2015.

Of the total borrowings, that were carried both through external commercial borrowings (ECBs) and foreign currency convertible bonds ( FCCBs), $845.72 million were raised via approval process while rest of $472.69 million came through the automatic route.

Under the approval route, HDFC Ltd raised $375 million for on-lending, Reliance Industries $190.72 million for refinancing of earlier ECB, Adani Ports $150 million for port projects and Dewan Housing Finance Corp raised $130 million for on-lending.

Among major borrowers in automatic route category, Sintex Industries borrowed $110 million for modernisation works.

Ultratech Cement and Exim Bank raised $50 million each for refinancing of earlier ECB and on lending, respectively.