India Inc’s external borrowing jumps 4-fold to $3.17 bn
India Inc’s external commercial borrowing jumped by over four times to $3.17 billion in August this year, RBI data showed on Thursday.
Indian companies had raised only $750.77 million from overseas markets in the same month last year.
Of the total borrowing, $586.57 million were raised via the approval route while $2.59 billion was generated through the automatic category window, showed the data. In the approval route category, the Jawaharlal Nehru Port Trust raised $400 million for sub-lending and Jet Airways borrowed $185 million for working capital requirements.
The major borrowers using the automatic channel included Export Import Bank of India mopping up $1 billion for sub-lending and Adani Transmission $500 million for refinancing of rupee loans (84 per cent and refinancing of earlier ECB (16 per cent).
NTPC raised $298.77 million for power projects, Gail (India) $300 million, IL&FS Transportation Networks $80 million for sub-lending and HDFC $74.69 million for further lending purposes.