New delhi: India Inc’s borrowing from foreign markets fell by nearly 41 per cent to around $2.03 billion in October this year compared to the year-ago period, according to the RBI data.
The domestic firms had borrowed more than USD 3.41 billion from overseas markets in October 2019.
No amount was raised by way of rupee-denominated bonds (RDBs) or masala bonds during the month under reporting in 2020 and 2019.
Of the total borrowings under the external commercial borrowing (ECB) route during October 2020, a total of $1.73 billion came in through the automatic route while the rest $300 million was through the approval route.
Under the automatic route, major borrowers included Reliance Industries Ltd ($1 billion for refinancing of earlier ECB); Bajaj Finance Ltd and Larsen and Toubro Ltd ($100 million each for the purpose of on-lending and refinancing of earlier ECB respectively).
ATC Tires AP Pvt Ltd borrowed $52 million for new project and $51 million by Luxshare India.