MUMBAI, Aug 26: India Inc’s overseas borrowings fell by 44 per cent to USD 1.2 billion in July this year as against USD 2.14 billion in the same period a year ago.
The Indian firms raised USD 183.7 million via approval route while rest USD 1.02 billion was raised by way of automatic channel, showed Reserve Bank’s data released today.
Under the approval route, Tikona Digital Networks raised USD 171 million for import of capital goods, while Vijayawada Tollway raised USD 11.07 million for road related works.
Among major borrowers using the automatic route to raise money were HDFC (USD 446.38 million) for on-lending, Glenmark Pharmaceuticals (USD 200 million) for overseas acquisition and Adani Transmission USD 74.40 million for refinancing of rupee loans.
Birla Corporation raised USD 40 million for refinancing of earlier ECB, while Siemens Financial Services raised USD 37.20 million for on-lending, via automatic route. (PTI)
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