India Inc's foreign borrowing jumps over 2-fold to $3.55 bn in May

India Inc's foreign borrowings jumped more than two-and-half times to $3.55 billion (about Rs 24,500 crore) in May 2019 from a year ago, data from Reserve Bank showed Friday.

 

Indian companies had raised over $1.35 billion from overseas markets in May 2018.

 

Of the total borrowings during May this year, $2.83 billion came through automatic route of external commercial borrowings (ECBs), while $653.04 million was raised via approval route. ECL Finance Limited ($500 million), Delhi International Airport ($500 million), Indiabulls Housing Finance ($350 million), Tata Capital Financial Services ($250 million) and Cholamandalam Investment And Finance Company ($180 million) were among the major borrowers who tapped automatic route of ECB.

 

Housing Development Finance Corporation ($200 million) and Reliance Industries ($313.21 million) were among the major borrowers through the approval route of ECB.

 

The remaining $62.57 million was mopped up by two companies by issuing rupee denominated bonds (RDBs) -- Hydrodyne Teikoku (India) ($730,940) for manufacturing of machinery and equipment and Nalanda Shelter ($61.84 million) for construction of buildings.