India Inc borrowed 10% less from foreign market in Nov 2015

Companies raised $3.16 billion from overseas markets

India Inc raised $3.16 billion from overseas markets in November 2015, down 9.5% from a year ago, RBI data showed today.

Of the total borrowings, by way of external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), $2.11 billion was raised through the approval process while $1.05 billion came through the automatic route.

As many as 53 companies raised money from the automatic route and 4 via approval, showed RBI data.

In the approval category, ONGC Videsh Limited raised $1.78 billion for refinancing of an earlier ECB and the Rural Electrification Corporation mobilised $300 million for on-lending.

In the automatic mode, the major borrowers were Indian Railway Finance Corporation ($400 million) for refinancing of an earlier ECB and Power Finance Corporation ($360 million) for on-lending.

Adani Hazira Port mopped up $80 million for port-related activity and Inbisco India $18.8 million for refinancing ECB.