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Indian firms’ October borrowings at $2.78 bn up 44 percent

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Mumbai, Nov 22 (IANS) Indian firms raised $2.78 billion from foreign markets in October, which was 44 percent higher than that garnered a year ago, Reserve Bank of India data showed Friday.

Domestic companies had raised $1.93 billion from the overseas market in the same month last year.

Of the latest borrowings, $69.43 million was raised through the approval route, while $2.71 billion came through the automatic route. While 56 companies raised money via the automatic route 3 firms raised funds through the approval route.

Indiabulls Housing Finance Limited raised $50 million for sub-lending, Roxul-Rockwool Insulation India Private Ltd $11.43 million for general corporate purpose and Cargill India raised $8 million for rupee expenditure, all in the approval route category

Under the automatic route, Tata Motors raised $750 million for rupee expenditure and refinancing of earlier external commercial borrowing (ECB) and Reliance Jio Infocomm borrowed $750 million for rupee expenditure.

Among others, Bharat Mumbai Container Terminals raised $494.53 million for a FCCB .port project and Larsen & Toubro borrowed $400 million for refinancing of earlier ECB and redemption of foreign currency convertible bonds (FCCBs).

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