India Inc's overseas borrowing declined by 16 per cent in January to $1.31 billion compared to the previous month.
Total overseas loans raised by around 50 firms through external commercial borrowings (ECBs) slipped from $1.56 billion in December to $1.31 billion in January, according to the ECB data released by the Reserve Bank of India (RBI) today.
Of the total borrowings, $889 million were raised through automatic route and $430 million was mopped up via approval channel.
The data show that most of the companies raised overseas funds for importing capital goods, modernisation, new projects, and overseas acquisitions, among other things.
Of the $1.31 billion, $500 million was borrowed by IndianOil under the automatic route followed by Exim Bank, which raised $300 million through the approval route for lending purposes.
Adobe Systems raised $100 million under approval channel for new projects.
Other companies which borrowed during the month include Adani Power, Cadila Healthcare, SingTel Global, Bhushan Steel and Bhushan Power & Steel.
