India Inc foreign borrowings down 34% to $1.99 bn in November

Mumbai: India Inc's foreign borrowings fell to USD 1.99 billion in November, down by 34.3 percent from the year-ago period, data from the Reserve Bank of India showed Thursday.

Indian firms had borrowed over USD 3.09 billion in November 2017, which also included USD 18.5 million through rupee-denominated bonds (RDBs).

In November this year, no money was borrowed by issuing RDBs, also known as masala bonds.

During the month, financial services provider REC Ltd was the only company to raise USD 700 million through the approval route of the external commercial borrowing (ECB).

Among major borrowers that tapped the automatic route of ECB included Power Finance Corporation raising USD 500 million, Bharat Petroleum Coporation Ltd (USD 300 million), Vivo Mobile India Pvt Ltd (USD 200 million) and Hengtong Optic-Electric India (USD 45 million).