India Inc's Aug foreign borrowing up 48% at $751 million

India Inc raised over $750.76 million from overseas markets in August 2015, up about 48% from a year ago, says RBI data.

During the same month in 2014, the Indian firms had raised $507.40 million from markets abroad.

However, the amount borrowed by Indian firms from overseas markets in August this year was much lower than over $2.14 billion, raised in previous month.

The borrowings, in a combination of automatic and approval routes, were done by way of external commercial borrowings (ECBs).

For a total of 55 borrowers, four of them raised the money from approval route, while rest by way of automatic route.

From approval route, Air India raised $300 million for its working capital needs, Thai Summit Autoparts India ($7.15 million for import of capital goods) and UL India Private Limited ($1.9 million for new project).

Among major borrowers in automatic category, Hospira Healthcare India raised $100 million for general corporate purpose, Essar Oil ($93.75 million for modernisation), Sun Pharmaceutical Industries ($50 million for refinancing of earlier ECB) and DCM Shriram Limited ($26.92 million for refinancing of earlier ECB).