India Inc foreign borrowings down 66% to $1.41 bn in October

Mumbai: India Inc's foreign borrowings dipped nearly 66 percent to USD 1.41 billion in October this year, Reserve Bank data showed Wednesday.

The domestic firms had borrowed USD 4.09 billion from overseas markets through external commercial borrowings (ECBs) as well as Foreign Currency Convertible Bonds (FCCBs) in October 2017.

Besides, there was additional borrowings of USD 314.99 million through rupee denominated bonds (RDBs) in the year-ago month.

However, the borrowings through RDBs remained unchanged in October this year.

Of the total borrowing amount in October, the Indian companies brought in USD 1.40 billion through automatic route and the rest of USD 8.54 million was by way of approval route.

Among the major borrowers, HPCL-Mittal Energy Ltd raised USD 350 million for rupee expenditure; Oppo Mobiles India Pvt Ltd USD 250 million for import of capital goods; Ostro Kutch Wind USD 88.27 million for new project; ICICI Home Finance Company USD 75 million for on-lending.

Bharti Airtel raised USD 100 million each for tenors of 5 years and 6 years for refinancing of earlier ECB and rupee expenditure respectively.

Taiyo Nippon Sanso India Pvt Ltd (USD 8.54 million) was the only company to have raised money from approval route.