India Inc foreign borrowings plunge by 51pc to $738 million in May

By: |
July 02, 2021 5:25 PM

Indian businesses had raised USD 1.49 billion by way of external commercial borrowings (ECB) in May 2020.

Also, not a single borrower tapped the rupee-denominated bonds (or masala bonds) to raise funds from foreign markets in May, same as in the year-ago month.

India companies’ foreign borrowings plunged by nearly 51 per cent to USD 738.45 million in May this year amid the second wave of COVID-19, according to the RBI data.

Indian businesses had raised USD 1.49 billion by way of external commercial borrowings (ECB) in May 2020.

The entire fund raised in May 2021 came through the automatic route of the ECB.

Also, not a single borrower tapped the rupee-denominated bonds (or masala bonds) to raise funds from foreign markets in May, same as in the year-ago month.

BW Global United LPG India Pvt Ltd (USD 198.41 million for import of capital goods); Renew Sun Waves (USD 140 million for new projects); and Indian Oil Corporation (USD 100 million for working capital requirement) were among the major borrowers.

Tata SIA Airlines Ltd raised USD 110.40 million for the import of capital goods, the data showed.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Trai rejects floor price, says govt should provide relief to telcos
2Flexible Approach: Contract hiring on the rise in IT and business process management sector
3Data Security: Bridging the air gap between data and its protection