Corporate India's foreign borrowing down 45% at $2.42 bn in January, RBI data reveals

India Inc's external commercial borrowings (ECBs) fell by 45 percent to $2.42 billion in January 2019 as compared to the year-ago period, data from RBI has showed

Press Trust of India March 04, 2019 14:50:38 IST
Corporate India's foreign borrowing down 45% at $2.42 bn in January, RBI data reveals
  • Of the total borrowings during the month, $2.27 billion was raised through the automatic route of the ECBs

  • The remaining $150 million was taken through the approval route

  • Major borrowers, which tapped resources overseas via approval route, included IOC ($900 million), BPCL ($500 million) and HPCL ($200 million)

Mumbai: India Inc's external commercial borrowings (ECBs) fell by 45 percent to $2.42 billion in January 2019 as compared to the year-ago period, data from RBI has showed.

Domestic firms had raised $5.40 billion from overseas sources during January 2018.

Of the total borrowings during the month, $2.27 billion was raised through the automatic route of the ECBs.

Corporate Indias foreign borrowing down 45 at 242 bn in January RBI data reveals

Representational image. News 18.

The remaining $150 million was taken through the approval route, as per the Reserve Bank data on ECB for January 2019.

No money was raised through rupee-denominated bonds (RDBs) during the month, both in 2019 and 2018.

Major borrowers, which tapped resources overseas via approval route, included Indian Oil Corporation Limited ($900 million), Bharat Petroleum Corp ($500 million) and Hindustan Petroleum Corp ($200 million).

All three oil marketing firms raised the money for their working capital requirement.

Power Grid Corporation raised $228.55 million for power project and Reliance Home Finance raised $35.50 million for lending.

Power Finance Corp was the only firm to raise $150 million through approval route for sub-lending purpose.

Updated Date:

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