India Inc's Sept foreign borrowing down 5.3% on yr at $3.17 billion

India Inc raised $3.17 billion from overseas markets in September 2014, down 5.3% from a year ago, RBI data showed today.

The domestic firms had raised $3.35 billion from overseas in the same month a year ago.

Of the total external commercial borrowings during the month, $332.5 million was raised through approval route, while $2.84 billion came through automatic route.

As many as 79 companies raised money from automatic route and six firms raised via approval route, showed RBI data.

In the approval route category, the major borrowers were Jet Airways that raised $150 million for general corporate purpose, Air India $99.5 million for import of capital goods and Essar Oil raised $75 million for refinancing of rupee loans.

In automatic route, the major investors include Renault Nissan Automotive India Private borrowing $254.66 million for working capital, Hindustan Petroleum Corporation Ltd $300 million for modernisation, NTPC Ltd $250 million for power needs, JSW Steel $250 million for modernisation and Mondelez India Foods raised $224.60 million for import of capital goods.

Among others, Hospira Healthcare raised $150 million for general corporate purpose, Meja Urja Nigam Pvt Ltd $147.84 million for power project, Sesa Sterlite and Balkrishna Industries raised $500 million and $175 million, respectively for refinancing of earlier ECB.