India Inc's August foreign borrowing up 48% at $751 million

MUMBAI: India Inc raised over USD 750.76 million from overseas markets in August 2015, up about 48 per cent from a year ago, says RBI data.

During the same month in 2014, the Indian firms had raised USD 507.40 million from markets abroad.

However, the amount borrowed by Indian firms from overseas markets in August this year was much lower than over USD 2.14 billion, raised in previous month.

The borrowings, in a combination of automatic and approval routes, were done by way of external commercial borrowings (ECBs).

For a total of 55 borrowers, four of them raised the money from approval route, while rest by way of automatic route.

From approval route, Air India raised USD 300 million for its working capital needs, Thai Summit Autoparts India (USD 7.15 million for import of capital goods) and UL India Private Limited (USD 1.9 million for new project).

Among major borrowers in automatic category, Hospira Healthcare India raised USD 100 million for general corporate purpose, Essar Oil (USD 93.75 million for modernisation), Sun Pharmaceutical Industries (USD 50 million for refinancing of earlier ECB) and DCM Shriram Limited (USD 26.92 million for refinancing of earlier ECB).