 "tax, fund, MF, mutual fund, credit, borrowers")
India Inc's foreign borrowings fell by over 47 per cent in August this year to $1.75 billion, data from the Reserve Bank showed on Monday.
The domestic companies had borrowed a total of $3.32 billion from overseas markets in August 2019, by way of external commercial borrowings (ECBs).
Click here to connect with us on WhatsApp
Of the total borrowings from overseas sources during the month under review, $1.61 billion was raised through ECBs, while the rest $145.74 million was raised by issuing rupee denominated bonds (RDBs) or masala bonds, showed the RBI's 'Data on ECB/FCCB for the month of August 2020'.
Splitting the data in the ECB category, it said a total of $1.57 billion was raised by various companies through the automatic route, while the rest $35.93 million came in through the approval route.
The major borrowers in the automatic route of ECB included Reliance Sibur Elastomers, a manufacturer of chemicals and chemical products, which raised $339.42 million for refinancing of an earlier ECB.
Vijayapura Tollway raised $160 million for infrastructure development and China Steel Corporation India Private Limited $104.5 million for refinancing of an earlier ECB.
BMW India Financial Services raised $88.72 million for on-lending purpose; Birla Carbon India (chemicals and products manufacturer) $50 million for refinancing of rupee loans; and Wistron Infocomm Manufacturing (India) Private Limited (manufacturer of computer, electronic and optical products) $45 million for import of capital goods.
Suzlon Energy Limited was the lone borrower through the approval route ($35.93 million).
A total of eight firms issued masala bonds or RDBs, which included Ostro Mahawind Power Private Limited raising $78.6 million and Ostro Renewables Pvt Ltd $20.01 million.
Heramba Renewables Limited and Shreyas Solarfarms Limited raised $13.33 million and 13.32 million respectively, as per the data.
No money was raised through masala bonds in August 2019.
