Indian firms’ borrowing from foreign sources stood at USD 2.23 billion in February 2017, RBI data showed on Tuesday. In February 2016, the domestic companies had raised more than USD 1.35 billion from overseas markets through external commercial borrowings (ECBs).
The two sets of numbers, however, are not comparable as the new data include money raised through rupee denominated bonds (RDBs) in overseas markets.
During the month, the Indian firms raised USD 1.01 billion through ECBs, using both automatic and approval routes. The rest of USD 1.22 billion came through the RDB channel.
Under the approval route (ECB), Reliance Industries raised USD 550 million to refinance its earlier ECB loan.
Under the automatic one, JSW Steel raised USD 90 million for overseas acquisition, Tulip Diagnostics USD 64.33 million for refinancing of rupee loans and Torrent Pharmaceuticals USD 45 million to refinance earlier ECB.
Major companies tapping the RBD route included Shriram Transport Finance (USD 648.52 million) for on-lending and ReNew Wind Energy (Shivpur) (USD 174.43 million) for refinancing of rupee loans.
ReNew Wind Energy (Karnataka) borrowed USD 103.61 million for refinancing of rupee loans.