India Inc's foreign borrowings treble to $1.3 bn in April

External commercial borrowings by Indian companies in April more than trebled to $1.30 billion, a sizable portion of which was taken to start new projects.

The External commercial borrowings were at $304.57 million in April last year.

The borrowings in April this year included $1.27 billion through the automatic route and $39.26 million from approval route, showed data from Reserve Bank.

Besides, there was additional borrowing of $394.53 million (Rs 2,545 crore) by India Inc through rupee denominated bonds (RDBs) in April 2017.

There was no rupee denominated bonds provision vis-a-vis a year ago, it as permitted from September 2016. In the automatic route category, JSW Steel took loan of $500 million for overseas acquisition and refinancing of earlier European Central Bank; Hindustan Petroleum Corporation Limited-Mittal Energy raised $372 million to pay-off earlier European Central Bank and Adani International Container Terminal Pvt Ltd $60 million for port related expenses.

Essar Shipping was the only company under approval route raising $39.26 million for import of capital goods.

Those who floated rupee denominated bonds overseas were National Thermal Power Corporation Limited $310 million (Rs 2,000 crore) for power; Nissan Renault Financial Services $62 million (Rs 400 crore) for on-lending and UCWeb Mobile $22.48 million (Rs 145 crore) for general corporate purpose.pti