India Inc’s Dec foreign borrowing jumps over 4-fold at $3.03bn
India Inc raised over $3.03 billion from overseas markets in December 2015, a jump of more than 4-times from a year ago, RBI data showed on Wednesday.business Updated: Jan 27, 2016 19:12 IST
India Inc raised over $3.03 billion from overseas markets in December 2015, a jump of more than 4-times from a year ago, RBI data showed on Wednesday.
The domestic firms had raised $637.29 million from overseas markets during the same month in 2014.
Of the total borrowings during the month, $1.13 billion was raised through approval route, while $1.90 billion came through automatic route.
The Indian firms raised the capital both via external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) routes.
In the approval route category, the major borrowers include Reliance Industries which raised $975.87 million for refinancing of earlier ECB and Videocon Industries borrowed $97.2 million for redemption of FCCBs.
Air India borrowed $32.91 million for import of capital goods and Reliance Transport and Travels Private Ltd raised $16.59 million for import of capital goods.
In the automatic route, Hindustan Petroleum Corporation raised $465 million for refinancing of earlier ECB; GMR Infrastructure and Mylan Laboratories raised $300 million each for other and general corporate purpose respectively.
Among others in the automatic category, Indian Oil Corporation, Bharat Oman Refineries and Balkrishna Industries raised $250 million, $125 million and $116.67 million respectively for refinancing of earlier ECBs.
Also, Essar Oil Limited raised $72 million for modernisation project.