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

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

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

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

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

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

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