Overseas borrowing by Indian firms drops 42% in July

MUMBAI: India Inc's external commercial borrowing ( ECB) fell by 42.5 per cent to $ 2.14 billion during July 2015 compared to the same period last year.

Indian firms had raised $ 3.72 billion from overseas in July 2014.

In June 2015, the ECB stood at $ 3.16 billion.

As many as four companies raised money through approval route by way of ECB, while 57 companies raised debt from overseas through automatic route, the RBI data showed.

Among major borrowers in approval category, Adani Ports and Special Economic Zone raised $ 650 million in two separate tranches for ports business and refinancing its earlier ECB.

Mortgage lender Housing Development Finance Corporation Limited (HDFC) raised $ 500 million for on lending, Rural Electrification Corporation $ 300 million for on lending and IBC Solar Projects raised $ 308,134 for general corporate purpose.

In automatic route, JSW Steel raised $ 150 million for overseas acquisition, Hospira Healthcare $ 100 million for rupee expenditure and Idea Cellular Ltd $ 72 million for refinancing of earlier ECB.

Among others in this category, Bharat Oman Refineries $ 70 million for refinancing of earlier ECB, L&T-MHPS Turbine Generators raised $ 48 million for refinancing of earlier ECB and Hyosung T&D India $ 28 million for new project.