India Inc's foreign borrowings down 45% at $2.4 billion in Jan: RBI data

Major borrowers, which tapped resources overseas via approval route, included Indian Oil Corporation Limited ($900 million) and Bharat Petroleum Corp ($500 million)

India Inc's external commercial borrowings (ECBs) fell by 45 per cent to $2.42 billion in January 2019 as compared to the year-ago period, data from RBI has showed.

Domestic firms had raised $5.40 billion from overseas sources during January 2018.

Of the total borrowings during the month, $2.27 billion was raised through the automatic route of the ECBs.

The remaining $150 million was taken through the approval route, as per the Reserve Bank data on ECB for January 2019.

No money was raised through rupee denominated bonds (RDBs) during the month, both in 2019 and 2018.

Major borrowers, which tapped resources overseas via approval route, included Indian Oil Corporation Limited ($900 million), Bharat Petroleum Corp ($500 million) and Hindustan Petroleum Corp ($200 million).

All three oil marketing firms raised the money for their working capital requirement.

Power Grid Corporation raised $228.55 million for power project and Reliance Home Finance raised $35.50 million for lending.

Power Finance Corp was the only firm to raise $150 million for sub-lending purpose.