Indian companies' foreign borrowing jumps 60 pc in July to USD 3.43 bn

Indian companies had borrowed USD 2.15 billion from overseas markets in July 2020. 

Of the total borrowings during July 2021, USD 3.03 billion came in through the automatic route of the ECB, while USD 400 million was through the approval route. 

Among the major borrowers, REC Ltd -- which is engaged in financial services in the power sector -- was the only company to raise the entire 400 million via approval route of the ECB for the purpose of on-lending, showed the RBI data. 

Those in the automatic category, included Adani Ports and Special Economic Zone USD 750 million for working capital needs; Indian Oil Corporation USD 500 million for refinancing of earlier ECB; Adani Electricity Mumbai Ltd USD 300 million for refinancing of earlier ECB and Housing Development Finance Corporation (HDFC Ltd) USD 250 million for on/sub-lending. 

Matix Fertilisers and Chemicals raised USD 320 million for refinancing of rupee loans and USD 237.5 million for working capital. 

Cadila Healthcare borrowed USD 66.67 million for refinancing of earlier ECB and Roquette India Pvt Ltd USD 43.75 million for working capital needs.