India Inc's foreign borrowing up 64 per cent at $2.39 billion in May

MUMBAI: Indian firms raised over US$ 2.39 billion from overseas markets in May, an increase of 64 per cent from a year ago, RBI Data showed today.

The Domestic firms had raised US$ 1.46 billion from overseas in the same month last year.

Of the total borrowings during the month, US$ 90 million was raised through approval route, while US$ 2.30 billion came through automatic route.

In the approval route category US$ 50 million was raised by Tata Teleservices Ltd for its working capital requirement and US$ 40 million was borrowed by Ocean Sparkle Ltd for import of capital goods.

In automatic route, major borrowers were Bharat Petroleum Corporation of US$ 500 million for rupee expenditure, Reliance Communication US$ 300 million toward rupee expenditure, Renew Wind Energy (Rajasthan 3) Private Ltd US$ 100 million for power needs.

Among others Reliance Jio Infocomm raised US$ 750 million for rupee expenditure, IDFC Ltd - US$ 100 million for refinancing of earlier ECB and Prodair Air Products India - US$ 203.76 million for new project.