India Inc’s global borrowing up 6.5 percent to 2 billion dollar in November

Domestic companies had borrowed over $1.99 billion in November 2018 from foreign sources. Of the total foreign borrowing during the month, $2,11,53,22,022 was raised through the automatic route under the external commercial borrowing (ECB). No capital came in through the approval route, while the rest of $9,86,681 was by way of issuance of rupee denominated bonds (RDB).

The major borrowers in the automatic route of ECB were: Adani Transmission Ltd ($500 mn for refinancing of rupee loans), Tata Motors Ltd ($400 mn for rupee expenditure), ONGC ($300 mn for new project) and JSW Steel Ltd ($250 mn for refinancing of earlier ECB). Among others, Home Credit India Finance raised $61.58 mn for on-lending purpose, manufacturing firm Nipro India Corporation (P)  Ltd borrowed $52.1 mn to carry out modernisation work, non-metallic mineral producer Owens-Corning (India) Pvt Ltd raised $30 mn for working capital needs, and Exxonmobil Services & Technology Pvt Ltd borrowed $30 mn for rupee expenditure.