India Inc's overseas borrowings treble to $1.3 bn in April

$1.27 billion was borrowed through automatic route, $39.26 million from approval route

External commercial borrowings (ECBs) by Indian companies in April more than trebled to $1.30 billion, a sizable portion of which was taken to start new projects.

The ECBs were at $304.57 million in April last year.

The borrowings in April this year included $1.27 billion through the automatic route and $39.26 million from approval route, showed data from Reserve Bank of India (RBI).

Besides, there was an additional borrowing of $394.53 million (Rs 2,545 crore) by India Inc through rupee denominated bonds (RDBs) in April 2017.

There was no RDB provision vis-a-vis a year ago. It was permitted from September 2016.

In the automatic route category, JSW Steel took loan of $500 million for overseas acquisition and refinancing of earlier ECB; HPCL-Mittal Energy raised $372 million to pay-off earlier ECB and Adani International Container Terminal $60 million for port related expenses.

Essar Shipping was the only company under approval route raising $39.26 million for import of capital goods.

Those who floated rupee denominated bonds overseas viz. $310 million (Rs 2,000 crore) by NTPC for power; $62 million (Rs 400 crore) by Nissan Renault Financial Services for on-lending and $22.48 million (Rs 145 crore) by UCWeb Mobile for general corporate purpose.