India Inc's August foreign borrowings up at $5.07 billion

Indian companies had raised $2.31 billion from the foreign markets in the corresponding month in 2013

Borrowings by Indian companies from foreign markets more than doubled to $5.07 billion in August from a year ago, according to Reserve Bank of India (RBI) data released on Monday.

Indian companies had raised $2.31 billion from the foreign markets in the corresponding month a year ago in 2013.

Of the total external commercial borrowings (ECB) during the month under review, $54.12 million was raised through approval route, while $4.53 billion came through automatic route.

As many as 53 companies raised money from automatic route and five firms raised via approval route, according to the data.

Among the major borrowers through the approval route, ALD Automotive raised $19.99 million for rupee expenditure and Experian Credit Information Company of India raised $19.38 million for general corporate purpose.

In the automatic route category, the major investors included Bharat Forge, Tevapharm India, JSW Steel, Sesa Sterlite, Capturesolar Energy Ltd, Perkins India and Amneal Life Sciences.

Bharat Forge raised $60 million from overseas markets for refinancing of earlier ECB and Tevapharm India raised $40 million for modernisation.

Among others, Sesa Sterlite Ltd and Amneal Life Sciences raised $44.55 million and $22.34 million respectively for refinancing earlier ECB.

Perkins India borrowed $30 million for import of capital goods, Capturesolar Energy Ltd raised $45 million for power needs, JSW Steel Limited raised $40 million for modernisation.