India Inc's October foreign borrowings up 44% at $2.78 billion

MUMBAI: India Inc raised $2.78 billion from overseas markets in October this year, up 44 per cent from a year ago, according to the Reserve Bank data released today.

Domestic firms had raised$1.93 billion the overseas market in the same month a year ago.

Of the total borrowings during the month, $69.43 million was raised through the approval route, while $2.71 billion came through the automatic route.

As many as 56 companies raised money from automatic route while 3 firms raised funds via the approval route, the RBI data showed.

In the approval route category, Indiabulls Housing Finance Limited raised $50 million for sub-lending, Roxul-Rockwool Insulation India Private Ltd $11.43 million for general corporate purpose and Cargill India raised $8 million for rupee expenditure.

Under the automatic route, the major borrowers were Tata Motors raising $ 750 million for rupee expenditure and refinancing of earlier ECB and Reliance Jio Infocomm $ 750 million for rupee expenditure.

Bharat Mumbai Container Terminals raised$494.53 million for port project and Larsen & Toubro borrowed $400 million for refinancing of earlier ECB and redemption of FCCBs.

Among others, Aditya Birla Nuvo raised$42 million for refinancing of the earlier ECB; Srei Infrastructure Finance, $30 million for sub-lending, and Tata Hitachi Construction Machinery Co $39.14 million for general corporate purpose.