India Inc foreign borrowings down 44 per cent at $1.2 bn in July – Feedback

India Inc’s overseas borrowings fell by 44 per cent to $1.2 billion in July this year as against $2.14 billion in the same period a year ago.

The Indian firms raised $183.7 million via approval route while rest $1.02 billion was raised by way of automatic channel, showed Reserve Bank’s data released today. Under the approval route, Tikona Digital Networks raised $171 million for import of capital goods, while Vijayawada Tollway raised $11.07 million for road related works. Among major borrowers using the automatic route to raise money were HDFC ($446.38 million) for on-lending, Glenmark Pharmaceuticals ($200 million) for overseas acquisition and Adani Transmission $74.40 million for refinancing of rupee loans. Birla Corporation raised $40 million for refinancing of earlier ECB, while Siemens Financial Services raised $37.20 million for on-lending, via automatic route.

http://economictimes.indiatimes.com/industry/banking/finance/india-inc-foreign-borrowings-down-44-per-cent-at-1-2-bn-in-july/articleshow/53871907.cms

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