External commercial borrowings down by nearly 20% in April to $3.16 billion

Of the total external commercial borrowings (ECBs) in April 2019, $2.66 billion was raised through the automatic route, $500 million through approval route while the rest through RDBs

Indian industry's borrowings from foreign markets fell by nearly 20 per cent to $3.16 billion in April 2019 compared to the year-ago month, according to the Reserve Bank data.

Domestic firms had raised $3.92 billion from overseas markets in April 2018.

Of the total external commercial borrowings (ECBs) in April 2019, $2.66 billion was raised through the automatic route, $500 million through approval route while the rest of $304,462 came through the issue of rupee denominated bonds (RDBs), the RBI data showed.

Under the automatic route, Shriram Transport Finance Company ($750 million on sub-lending), Dhamra Lng Terminal ($600 million for rupee expenditure), Indian Railway Finance Corporation ($300 million for infrastructure development), and Ikea India Pvt Ltd ($257.82 million as working capital loan) were among the major borrowers.

Tata Motors Finance Ltd ($150 million for on-lending), Performance Speciality Procducts (India) Pvt Ltd ($89.91 million as working capital funding), and Johnson Matthey India Pvt Ltd ($64.82 million for new project requirement) tapped funds under the automatic route.

JSW Steel Ltd was the only firm that raised $500 million through the approval route to channel capital for modernisation. While, Biosense Technologies Pvt Ltd was the sole firm that floated RDBs or masala bonds overseas to raise $304,462 for new project needs.