India Inc's external borrowings down 32% at $2.6 bn in Sept

External commercial borrowings (ECBs) by Indian firms declined by 32% to $2.61 billion in September, according the Reserve Bank (RBI) data today.

The borrowings were at $3.18 billion in the same month last year.

However, ECBs raised by Indian firms in August this year were significantly lower at $750.77 million, as per RBI data.

Of the total amount raised during last month, $1.48 billion was through approval route, while $1.13 billion came via automatic route.

Two players Reliance Industries Ltd ($1.47 billion) and Global Vectra Helicorp ($8.7 million) took the approval route to refinance earlier ECBs and import of capital goods respectively.

Major loan takers under automatic route were Hindustan Petroleum Corporation Ltd ($250 million); Rural Electrification Corporation ($250 million) and MCC PTA India Corp. Pvt Ltd ($170 million).