India Inc's Oct foreign borrowings up 44% at $2.78 bn

India Inc raised USD 2.78 billion from overseas markets in October this year, up 44 per cent from a year ago, according to the Reserve Bank data released today.
Domestic firms had raised USD 1.93 billion the overseas market in the same month a year ago.
Of the total borrowings during the month, USD 69.43 million was raised through the approval route, while USD 2.71 billion came through the automatic route.
As many as 56 companies raised money from automatic route while 3 firms raised funds via the approval route, the RBI data showed.
In the approval route category, Indiabulls Housing Finance Limited raised USD 50 million for sub-lending, Roxul-Rockwool Insulation India Private Ltd USD 11.43 million for general corporate purpose and Cargill India raised USD 8 million for rupee expenditure.

Under the automatic route, the major borrowers were Tata Motors raising USD 750 million for rupee expenditure and refinancing of earlier ECB and Reliance Jio Infocomm USD 750 million for rupee expenditure.
Bharat Mumbai Container Terminals raised USD 494.53 million for port project and Larsen & Toubro borrowed USD 400 million for refinancing of earlier ECB and redemption of FCCBs.
Among others, Aditya Birla Nuvo raised USD 42 million for refinancing of the earlier ECB; Srei Infrastructure Finance, USD 30 million for sub-lending, and Tata Hitachi Construction Machinery Co USD 39.14 million for general corporate purpose.