India Inc overseas borrowing jumps 6-fold to $3 bn in Nov

Domestic firms had raised $488.49 million as debt from overseas destinations in the same month a year ago.

The companies raised this amount of money by tapping sources like foreign currency convertible bonds (FCCBs), external commercial borrowings (ECBs) and rupee denominated bonds (RDBs) or commonly known as masala bonds.

Among major borrowers, Reliance Industries raised $800 million to refinance its earlier ECB, Power Finance Corporation borrowed $700 million for sub-lending and Kia Motors India sought $648 million for a new project fund requirement.

Of the few other major borrowers, Jaiparkash Associates Ltd raised 120.34 million for redemption of its FCCBs, Shanti Sagar International Dredging Pvt Ltd borrowed $113.29 million for import of capital goods and Bharat Petroleum Corporation generated $100 million for refinancing of earlier ECB.