India Inc's foreign borrowing up 64% at $2.39 bn in May

Of the total borrowings, $90 million was raised through approval route, while $2.30 billion came through automatic route

Indian firms raised over $2.39 billion from overseas markets in May, an increase of 64 per cent from a year ago, Reserve Bank of India (RBI) data showed on Tuesday.

The domestic firms had raised $1.46 billion from overseas in the corresponding month last year. Of the total borrowings during the month, $90 million was raised through approval route, while $2.30 billion came through the automatic route.

In the approval route category $50 million was raised by Tata Teleservices for its working capital requirement and $40 million was borrowed by Ocean Sparkle for import of capital goods.

In automatic route, major borrowers were Bharat Petroleum Corporation of $500 million for rupee expenditure, Reliance Communication $300 million toward rupee expenditure, Renew Wind Energy (Rajasthan 3) Private Ltd $100 million for power needs.

Among others Reliance Jio Infocomm raised $750 million for rupee expenditure, IDFC Ltd — $100 million for refinancing of earlier ECB and Prodair Air Products India — $203.76 million for new project.