India firms borrow $2.23 bn from foreign sources in Feb, shows RBI data

During the month, Indian firms raised $1.01 bn through ECBs, using automatic and approval routes

Indian firms' borrowing from foreign sources stood at $2.23 billion in February 2017, RBI data showed on Tuesday.

In February 2016, the domestic companies had raised more than $1.35 billion from overseas markets through external commercial borrowings (ECBs).

The two sets of numbers, however, are not comparable as the new data include money raised through rupee denominated bonds (RDBs) in overseas markets.

During the month, the Indian firms raised $1.01 billion through ECBs, using both automatic and approval routes. The rest of $1.22 billion came through the RDB channel.

Under the approval route (ECB), Reliance Industries raised $550 million to refinance its earlier ECB loan.
 
Under the automatic one, JSW Steel raised $90 million for overseas acquisition, Tulip Diagnostics $64.33 million for refinancing of rupee loans and Torrent Pharmaceuticals $45 million to refinance earlier ECB.

Major companies tapping the RBD route included Shriram Transport Finance ($648.52 million) for on-lending and ReNew Wind Energy (Shivpur) ($174.43 million) for refinancing of rupee loans.

ReNew Wind Energy (Karnataka) borrowed $103.61 million for refinancing of rupee loans.