India Inc foreign borrowing halves to $41.71 bn in Sept, Jio gets $500 mn

India Inc's foreign borrowing more than halved to $1.71 billion in September, data from Reserve Bank showed on Tuesday.

The Indian firms had raised $3.48 billion by tapping resources overseas such as external commercial borrowings (ECBs) and rupee-denominated bonds (RDBs).

Of the $1.71 billion raised in previous month, $1.21 billion was through automatic route while $500 million came in via approval route.

However, no money was raised by issuing rupee denominated bonds overseas during September 2018, showed the RBI data on External Commercial Borrowings (ECBs).

In a break-up, billionaire Mukesh Ambani owned Reliance Jio Infocomm Ltd raised $500 million for rupee expenditure through the approval route.

Those raising capital by automatic route included Power Finance Corporation $250 million for on-lending, PNB Housing Finance $200 million for on-lending, Glenmark Pharmaceuticals $100 million for refinancing of earlier ECB.

JSW Steel $75 million for modernisation, Sun Pharmaceuticals $50 million for rupee expenditure and IIFL Home Finance raised $50 million for on-lending.