India Inc's foreign borrowings fall 9% to $2.81 bn in February; Oil India, IOC, Shriram Transport Finance among major borrowers

Mumbai: India Inc's borrowings from foreign markets fell to $2.81 billion in February, down by 9 percent as compared to the year-ago month, data from the Reserve Bank of India (RBI) showed on Friday.

 India Incs foreign borrowings fall 9% to  Representational image. AP .81 bn in February; Oil India, IOC, Shriram Transport Finance among major borrowers

Representational image. AP

The domestic firms had raised as much as $3.1 billion through the external commercial borrowing (ECB) route in the corresponding month of 2018.

No firms tapped the rupee-denominated bonds route to borrow capital from foreign markets during February.

The entire fund mop-up during the month was done through the automatic route of ECB, showed the RBI data.

Among the major borrowers were Oil India Ltd ($550 million for overseas investment), Indian Oil Corporation ($400 million as working capital loan), Shriram Transport Finance Company ($400 million for sub-lending) and Mahindra & Mahindra Financial Services ($300 million for sub-lending).

Tata Capital Housing Finance raised $200 million for on-lending, HPCL Rajasthan Refinery $140.71 million for new project investment, and Barclays Global Services Centre Pvt Ltd $130.11 million for new project.

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Updated Date: Mar 29, 2019 16:15:39 IST