India Inc's foreign borrowing rises 74% to $3.5 billion in July

India Inc raised $2.18 billion from overseas markets in July through external commercial borrowing, up 74 per cent from a year ago, RBI data showed.

In July 2017, the companies raised $1.89 billion by tapping foreign markets.

Of the total borrowings (ECB), $1.75 billion was raised through automatic route and rest from approval route of the ECB.

Reliance Jio Infocom was the only company to have raised over $1 billion via the approval route.

Among the major borrowers in the automatic route included JSW Steel USD 165 million for modernisation project, Dewan Housing Finance Corporation USD 240 million for refinancing of earlier ECB and GE Diesel Locomotive USD 121 million for refinancing of rupee loan.

Prodair Air Products India Ltd $72.28 million for new project and BMW India Financial Services $48.68 million for the purpose of on lending.

No money was raised through the way of Rupee denominated bonds (RDB) during the month, showed the data.