India Inc's foreign borrowings up over 2-fold at $4.4 bn in October

MUMBAI: Borrowing by India Inc from foreign sources jumped more than two times from a year ago to USD 4.4 billion in October this year, data from Reserve Bank showed today.

The fund raised by Indian companies through external means stood at USD 1.77 billion in October 2016.

Instruments like external commercial borrowings (ECBs), foreign currency convertible bonds (FCCBs) and Rupee Denominated Bonds (RDBs) were used by domestic companies to borrow the money.

Of the total amount, over USD 1.40 billion came in through automatic route of the fund raise mechanism and USD 4.09 billion was borrowed through approval channel.

The rest of USD 314.99 million was sourced by floating rupee denominated bonds by Indian firms in overseas markets.

Among the major borrowers include Reliance Jio Infocom Ltd USD 1.5 billion, Reliance Industries USD 991.27 million.

JSW Steel borrowed USD 210 million, Hindustan Petroleum Corporation USD 200 million and GTL Infrastructure raised USD 197.24 million.