India Inc's foreign borrowings fell to $1.99 billion in November, down by 34.3 per cent from the year-ago period, data from the Reserve Bank of India showed Thursday.
Indian firms had borrowed over $3.09 billion in November 2017, which also included
$ 18.5 million through rupee-denominated bonds (RDBs).
In November this year, no money was borrowed by issuing RDBs, also known as masala bonds.
During the month, financial services provider REC Ltd was the only company to raise $ 700 million through the approval route of the external commercial borrowing (ECB).
Among major borrowers that tapped the automatic route of ECB included Power Finance Corporation raising $ 500 million, Bharat Petroleum Coporation Ltd ($300 million), Vivo Mobile India Pvt Ltd ($200 million) and Hengtong Optic-Electric India ($45 million).