1. India Inc foreign borrowings down 44 per cent at $1.2 billion in July

India Inc foreign borrowings down 44 per cent at $1.2 billion in July

India Inc's overseas borrowings fell by 44 per cent to $1.2 billion in July this year as against $2.14 billion in the same period a year ago.

By: | Mumbai | Published: August 26, 2016 2:13 PM
The Indian firms raised 3.7 million via approval route while rest .02 billion was raised by way of automatic channel, showed Reserve Bank’s data released today. (Source: Reuters)

India Inc’s overseas borrowings fell by 44 per cent to $1.2 billion in July this year as against $2.14 billion in the same period a year ago.

The Indian firms raised $183.7 million via approval route while rest $1.02 billion was raised by way of automatic channel, showed Reserve Bank’s data released today.

Under the approval route, Tikona Digital Networks raised $171 million for import of capital goods, while Vijayawada Tollway raised $11.07 million for road related works.

Among major borrowers using the automatic route to raise money were HDFC ($446.38 million) for on-lending, Glenmark Pharmaceuticals ($200 million) for overseas acquisition and Adani Transmission $74.40 million for refinancing of rupee loans.

Birla Corporation raised $40 million for refinancing of earlier ECB, while Siemens Financial Services raised $37.20 million for on-lending, via automatic route.

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