India’s overseas borrowings up 74% to US $2.18 bnin Jul-18

• HDFC
• 10 Sep 2018
• Knowledge Centre

HDFC, Tester

India Inc raised US$ 2.18 bn from the overseas markets in July 2018 using the external commercial borrowing route. This was a 74% increase from US$ 1.89 bn in the year-ago period, according to RBI data.

 

Of the total borrowings (ECB), US$ 1.75 bn was raised via the automatic route, and the remaining using the approval route. Reliance Jio Infocomm was the only company to have raised over US$ 1 bn via the approval route.

 

In the automatic route, major borrowers include:

 

• JSW Steel for a modernization project (US$ 165 mn), 
• Dewan Housing Finance Corporation (US$ 240 mn) for refinancing an earlier ECB, 
• GE Diesel Locomotive (US$ 121 mn) for the refinancing of a Rupee loan.

 

Prodair Air Products India Ltd raised US$ 72.28 mn to finance a new project, and BMW India Financial Services raised US$ 48.68 mn for the purpose of lending. No money was raised using Rupee denominated bonds (RDB) during the month.