Borrowing by India Inc from foreign sources jumped over two times from a year ago to $4.4 billion in October this year, data from the Reserve Bank of India showed on Thursday. The fund raised by Indian companies through external means stood at $1.77 billion in October 2016. Instruments like external commercial borrowings (ECBs), foreign currency convertible bonds (FCCBs) and Rupee Denominated Bonds (RDBs) were used by domestic companies to borrow the money. Of the total amount, over $1.40 billion came in through automatic route of the fund raise mechanism and $4.09 billion was borrowed through approval channel. The rest of $314.99 million was sourced by floating rupee denominated bonds by Indian firms in overseas markets. Among the major borrowers include Reliance Jio Infocom Ltd $1.5 billion, Reliance Industries $991.27 million.
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