India Inc’s Feb foreign borrowings dip 40% TO $1.35 bn

Indian corporates raised over $1.35 billion (around Rs 9,000 crore) from overseas markets in February, down 40.2 per cent over the same month a year ago, RBI data showed on Tuesday. 

Domestic firms had raised $2.26 billion overseas in February last year. The funds were raised using financial instruments such as external commercial borrowings (ECBs). Of the total borrowings during the month, $1.02 billion were raised through automatic route while $330 million came via approval route. 

Only one firm, Bharat Petroleum Corporation raised the entire $330 million through the approval route that was meant to be used for refinance company’s earlier ECB. 

In the automatic route category, NTPC raised $500 million for power projects, Stelis Biopharma $47 million for new project, JK Tyre & Industries and Sintex Industries $35 million each for modernisation works, Rain Industries $30 million for overseas acquisition and Fresenius Kabi Oncology raised $29.02 million for general corporate purpose.