India Inc foreign borrowings down 40 per cent

Indian companies raised 40 per cent less in foreign currency loans this year till date at $13.5 billion against $23.6 billion in the same period of 2016.
 

No new capacity addition is planned for 2018 and capital expenditure plans are on hold.  Corporate fund-raising abroad will remain muted as many companies struggle with high debts and plan to sell assets.

“Barring re-financing of old loans by top-rated companies like Reliance Industries, Indian companies were not present in the foreign currency loan market this year,” said a banker asking not to be named.

At present, Tata Motors is in