 "India Inc's overseas borrowings jump manifold to $2.84 billion in August")
Indian companies' external commercial borrowings surged manifold to over USD 2.84 billion in August 2021, the Reserve Bank data showed on Wednesday.
The domestic firms had raised USD 145.74 million from the overseas markets in August 2020.
Of the total funds raised during the month under review, USD 2.25 billion was through the automatic route of ECBs, while USD 600 million came in via the approval route.
Break-up wise, the government undertaking REC Ltd, which finances and promotes power projects in the country, was the only company to tap the automatic route, raising USD 600 million for on-lending.
Major borrowers in the automatic route include telecommunications company Summit Digitel Infrastructure USD 500 million for refinancing of rupee loans; Hindustan Petroleum Corporation USD 450 million for modernisation purpose; Indiabulls Housing Finance USD 275 million for on-lending; FS India Solar Ventures USD 207.60 million for import of capital goods and Housing Development Finance Corporation (HDFC) raised USD 200 million for on-lending.
Flextronics Technologies (India) raised USD 100 million for working capital requirement; rubber and plastics products manufacturer ATC Tires AP USD 96 million for a new project; and furniture manufacturer Uflex Ltd raised USD 51.77 million for import of capital goods and new project.
Wistron Infocomm Manufacturing (India) raised USD 45 million for refinancing of earlier ECB and IMPS Educational Trust USD 40.44 million for infrastructure development.