India Inc's foreign borrowing jumps over 2-fold to $3.55 bn in May

India Inc's foreign borrowings jumped more than two-and-half times to USD 3.55 billion (about Rs 24,500 crore) in May 2019 from a year ago, data from Reserve Bank showed Friday.

Indian companies had raised over USD 1.35 billion from overseas markets in May 2018.

Of the total borrowings during May this year, USD 2.83 billion came through automatic route of external commercial borrowings (ECBs), while USD 653.04 million was raised via approval route.

ECL Finance Limited (USD 500 million), Delhi International Airport (USD 500 million), Indiabulls Housing Finance (USD 350 million), Tata Capital Financial Services (USD 250 million) and Cholamandalam Investment And Finance Company (USD 180 million) were among the major borrowers who tapped automatic route of ECB.

Housing Development Finance Corporation (USD 200 million) and Reliance Industries (USD 313.21 million) were among the major borrowers through the approval route of ECB.

The remaining USD 62.57 million was mopped up by two companies by issuing rupee denominated bonds (RDBs) -- Hydrodyne Teikoku (India) (USD 730,940) for manufacturing of machinery and equipment and Nalanda Shelter (USD 61.84 million) for construction of buildings.