India Inc's Feb foreign borrowing down 40% at $1.35 bn

Indian corporates raised over $1.35 billion (around Rs 9,000 crore) from overseas markets in February, down 40.2 per cent over the same month a year ago, Reserve Bank of India (RBI) data showed on Tuesday.

Domestic firms had raised $2.26 billion overseas in February last year.

The funds were raised using financial instruments such as external commercial borrowings (ECBs).

Of the total borrowings during the month, $1.02 billion was raised through the automatic route while $330 million came via the approval route. Only one firm, Bharat Petroleum Corporation, raised the entire $330 million through the approval route that was meant to be used for the refinance company's earlier ECB.

In the automatic route category, NTPC raised $500 million for power projects, Stelis Biopharma $47 million for new project, JK Tyre & Industries and Sintex Industries $35 million each for modernisation works, Rain Industries $30 million for overseas acquisition while Fresenius Kabi Oncology raised $29.02 million for general corporate purpose.