Friday, March 14, 2025 | 07:18 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

External commercial borrowings down by nearly 20% in April to $3.16 billion

Of the total external commercial borrowings (ECBs) in April 2019, $2.66 billion was raised through the automatic route, $500 million through approval route while the rest through RDBs

No upturn soon in ECBs despite new rules

Representative image

Press Trust of India Mumbai
Indian industry's borrowings from foreign markets fell by nearly 20 per cent to $3.16 billion in April 2019 compared to the year-ago month, according to the Reserve Bank data.

Domestic firms had raised $3.92 billion from overseas markets in April 2018.

Of the total external commercial borrowings (ECBs) in April 2019, $2.66 billion was raised through the automatic route, $500 million through approval route while the rest of $304,462 came through the issue of rupee denominated bonds (RDBs), the RBI data showed.

Under the automatic route, Shriram Transport Finance Company ($750 million on sub-lending), Dhamra Lng Terminal ($600 million for rupee expenditure), Indian Railway Finance Corporation ($300 million for infrastructure development), and Ikea India Pvt Ltd ($257.82 million as working capital loan) were among the major borrowers.
 
Tata Motors Finance Ltd ($150 million for on-lending), Performance Speciality Procducts (India) Pvt Ltd ($89.91 million as working capital funding), and Johnson Matthey India Pvt Ltd ($64.82 million for new project requirement) tapped funds under the automatic route.

JSW Steel Ltd was the only firm that raised $500 million through the approval route to channel capital for modernisation. While, Biosense Technologies Pvt Ltd was the sole firm that floated RDBs or masala bonds overseas to raise $304,462 for new project needs.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 02 2019 | 2:35 PM IST

Explore News