India Inc’s overall foreign borrowing soars 64% in May
Indian firms raised over $2.39 billion from overseas markets in May, an increase of 64 <g data-gr-id="19">per cent</g> from a year ago, RBI data showed on Tuesday. The domestic firms had raised $1.46 billion from overseas in the same month last year.
Of the total borrowings during the month, $90 million was raised through <g data-gr-id="14">approval</g> <g data-gr-id="15">route,</g> while $2.30 billion came through automatic route. In the approval <g data-gr-id="13">route</g> category $50 million was raised by Tata Teleservices Ltd for its working capital requirement and $40 million was borrowed by Ocean Sparkle Ltd for import of capital goods.
In automatic route, major borrowers were Bharat Petroleum Corporation of $500 million for rupee expenditure, Reliance Communication $300 million toward rupee expenditure, Renew Wind Energy (Rajasthan 3) Private Ltd $100 million for power needs.