India Inc's foreign borrowings nearly halve to $1.64 billion in August

MUMBAI: Indian Inc's foreign borrowings nearly halved to USD 1.64 billion in August this year, data from Reserve Bank showed today.

It includes borrowings through external commercial borrowings (ECBs) and rupee denominated bonds (RDBs) -- which were halted briefly recently.

Indian firms had borrowed USD 3.17 billion through ECBs in August 2016.

There were no RDBs in the same period last year as the instrument was introduced in September.

Of the total borrowings, more than USD 1.56 billion were in the form of external commercial borrowings.

In a break-up, USD 1.54 billion were borrowed through automatic route and USD 23,635,295 million through approval route of ECBs.

Rest of USD 78,163,593 million foreign borrowings during the month were through rupee denominated bonds, showed the data.

Fullerton India Credit Co Ltd was the only company that used the RDB route to raise the fund.

Among major borrowers using ECBs were Exim Bank of India USD 400 million for on-lending, Larsen & Toubro USD 300 million for refinancing earlier ECB and JSW Steel Coated Products raising USD 150 million to finance a new product.