India Inc overseas borrowing rises 11.6% to $1.69 billion in March

Domestic firms had borrowed $1.52 billion through external commercial borrowing in March 2016

India Inc raised $1.69 billion from overseas markets in March 2017, up 11.6 per cent from a year ago.

Domestic firms had borrowed $1.52 billion through external commercial borrowing (ECB) in March 2016.

An additional $1.65 billion was mopped up through rupee-denominated bonds (RDBs), an instrument permitted by the RBI last year for companies to float such bonds overseas only to raise funds.

The data are not comparable to RDB mop-up.

Prominent borrowers that tapped the RDB route included HDFC ($758.99 million) for on-lending, Praxair India ($364.50 million) for general corporate purpose and Sembcorp Gayatri Power ($523.80 million) for refinancing of rupee loans.

Major companies exercising the ECB option were Bharti Airtel ($500 million) and Indiabulls Housing Finance ($150 million) to refinance earlier ECBs.

Others that tapped ECB were Intel Technology India Pvt that borrowed $148.76 million for rupee expenditure, pharma major Cadila Healthcare's $100 million mobilisation for overseas acquisition and China Steel Corporation India Private which mopped up $110 million for refinancing of earlier ECBs.