India Inc's Jan foreign borrowing down 46% at $1.40 bn

India Inc raised over USD 1.40 billion from overseas markets in January 2016, down 46 per cent over the same month a year ago, RBI data showed today.
Domestic firms had raised USD 2.59 billion overseas in January 2015.
The funds were raised using instruments such as external commercial borrowings and foreign currency convertible bonds.
Of the total borrowings during the month, USD 3.83 million was raised through approval route, while USD 1.39 billion came through automatic route.
Among those in the approval route category include E-Land Apparel raised USD 1.71 million for general corporate purpose; Arihant Technocast India USD 1.09 million for rupee expenditure.

In automatic route, major borrowers were: Export-Import Bank of India raising USD 500 million for sub lending; Rural Electrification Corporation USD 250 million for refinancing of earlier ECB; Tata Steel USD 200 million for refinancing of erarlier ECB and Daimler India Commercial Vehicles Private and USD 135.83 for modernisation.