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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

Press Trust of India  |  Mumbai 

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

(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 were at $304.57 million in April last year.

The 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 through (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, took loan of $500 million for overseas 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.

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

Those who floated 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.

First Published: Fri, May 26 2017. 17:21 IST