India Inc's foreign borrowings fell 45% in May to $1.32 bn

India Inc raised USD 1.32 billion from overseas markets in May, down 45 per cent from the same month a year ago, RBI data showed today.
Indian companies had raised USD 2.39 billion from foreign markets in May 2015.
Of the total borrowings, that were carried both through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), USD 845.72 million were raised via approval process while rest of USD 472.69 million came through the automatic route.
Under the approval route, HDFC Ltd raised USD 375 million for on-lending, Reliance Industries USD 190.72 million for refinancing of earlier ECB, Adani Ports USD 150 million for port projects and Dewan Housing Finance Corp raised USD 130 million for on-lending.

Among major borrowers in automatic route category, Sintex Industries borrowed USD 110 million for modernisaiton works.
Ultratech Cement and Exim Bank raised USD 50 million each for refinancing of earlier ECB and on lending, respectively.