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Rediff News  All News  » Business » India Inc's foreign borrowings fell 45% in May to $1.32 billion

India Inc's foreign borrowings fell 45% in May to $1.32 billion

June 23, 2016 15:36 IST

US dollars

India Inc raised $1.32 billion from overseas markets in May, down 45 per cent from the same month a year ago, Reserve Bank of India data showed on Thursday.

Indian companies had raised $2.39 billion from foreign markets in May 2015.

Of the total borrowings, that were carried both through external commercial borrowings and foreign currency convertible bonds, $845.72 million were raised via approval process while rest of $472.69 million came through the automatic route.

Under the approval route, HDFC Ltd raised $375 million for on-lending, Reliance Industries $190.72 million for refinancing of earlier ECB, Adani Ports USD 150 million for port projects and Dewan Housing Finance Corp raised $130 million for on-lending.

Among major borrowers in automatic route category, Sintex Industries borrowed $110 million for modernisaiton works.

Ultratech Cement and Exim Bank raised $50 million each for refinancing of earlier ECB and on lending, respectively.

The image is used for representational purpose only. Photograph: Reuters

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