India Inc foreign borrowings down 44% at $1.2 bn in July

Among major borrowers using the automatic route to raise money were HDFC, Glenmark Pharmaceuticals and Adani Transmission

India Inc's overseas borrowings fell by 44% to $1.2 billion in July this year as against $2.14 billion in the same period a year ago.

The Indian firms raised $183.7 million via approval route while rest $1.02 billion was raised by way of automatic channel, showed Reserve Bank's data released on Friday.

Under the approval route, Tikona Digital Networks raised $171 million for import of capital goods, while Vijayawada Tollway raised $11.07 million for road related works.

Among major borrowers using the automatic route to raise money were HDFC ($446.38 million) for on-lending, Glenmark Pharmaceuticals ($200 million) for overseas acquisition and Adani Transmission $74.40 million for refinancing of rupee loans.

Birla Corporation raised $40 million for refinancing of earlier ECB, while Siemens Financial Services raised $37.20 million for on-lending, via automatic route.