India Inc’s borrowing from overseas markets fell by practically 41% to round $2.03 billion in October this 12 months in comparison with the year-ago interval, in keeping with the RBI knowledge.
The home companies had borrowed greater than $3.41 billion from abroad markets in October 2019.
No quantity was raised by the use of rupee-denominated bonds (RDBs) or masala bonds in the course of the month below reporting in 2020 and 2019.
Of the full borrowings below the exterior industrial borrowing (ECB) route throughout October 2020, a complete of $1.73 billion got here in by the automated route whereas the remainder $300 million was by the approval route.
Below the automated route, main debtors included Reliance Industries Ltd ($1 billion for refinancing of earlier ECB); Bajaj Finance Ltd and Larsen and Toubro Ltd ($100 million every for the aim of on-lending and refinancing of earlier ECB respectively).
ATC Tires AP Pvt Ltd borrowed $52 million for brand spanking new venture and $51 million by Luxshare India, which is into manufacturing of pc, digital and optical merchandise, for brand spanking new venture funding.
Within the approval route, Energy Finance Company was the one agency to boost a complete of $300 million in two tranches for on-lending functions, the RBI knowledge confirmed.