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.