India Inc's Nov foreign borrowing up 60% at $3.5 billion

Indian Industry raised $3.49 billion from overseas markets last month, up 60.2 per cent from a year ago, as per the Reserve Bank data released today.

The domestic firms had raised $2.18 billion overseas in November last year.

Of the total borrowings in November 2014, $1.52 billion was raised through the approval route, while $1.97 billion came through automatic route.

As many as 64 companies raised money from automatic route and 3 firms raised via approval route, showed RBI data on external commercial borrowing (ECB).

In the approval route category, Reliance Jio Infocomm raised $1 billion for refinancing of its earlier ECB, sub- lending, JSW Steel Ltd $500 million for refinancing of rupee loans and Daramic Battery Seperator India Pvt Ltd raised $24.95 million for new project.

In the automatic route category, the major borrowers were NTPC Ltd and Reliance Jio Infocomm, raising $500 million each for power project and refinancing of earlier ECB needs.

Power Finance Corporation raised $250 million for on-lending, Export-Import Bank of India raised $171.95 million for sub-lending and Sahara Hospitality Ltd raised $60 million for modernisation projects.