India Inc's Foreign Borrowings Unchanged at $3.72 Billion in July

Mumbai: Borrowings by Indian companies from overseas markets remained unchanged from a year ago at $3.72 billion in July, Reserve Bank data showed on Monday.

Indian companies had raised $3.7 billion from the foreign markets in the corresponding period a year ago.

Indian Inc raised the amount by way of both external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs).

Of the total borrowings during the month under review, $1.16 billion was raised through approval route, while  $2.56 billion came through automatic route.

As many as 58 companies raised money from automatic route and 8 firms raised via approval route, the RBI data showed.

Through the automatic route, ONGC Videsh Ltd (OVL) raised $2.21 billion for refinancing of earlier ECB in three separate tranches.

However, RBI said it has sought clarification from OVL for conformity with end-use requirement, eligibility to borrow and other parameters of ECB.

Among others, Greatship (India) Ltd raised $88.98 million for refinancing of earlier ECB, Aditya Birla Nuvo $22.7 million for ECB refinancing, Ferrero India $40.66 million for import of capital goods, and Telewings Communications Services Private Ltd $44.36 million.

In the approval route category, Suzlon Energy raised $546.92 million for refinancing of earlier ECB, and both Rural Electrification Corporation Limited and PNB Housing Finance raised $400 million and $100 million, respectively, for the purpose of sub-lending.

State run carrier Air India Ltd raised $99.5 million for import of capital goods.