Latest News | India Inc's Foreign Borrowings Slipped 81 Pc to $1.02 Bn in Jun

Mumbai, Jul 27 (PTI) India Inc's borrowing from foreign market slipped over 81 per cent to USD 1.02 billion in June this year, data from Reserve Bank of India (RBI) showed on Monday.

The domestic companies had raised USD 5.40 billion from the overseas markets in June 2019.

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Of the total fund raised by the Indian companies, USD 851.81 million was borrowed through the automatic route, while the rest of the funds came in via approval route, as per the RBI data on external commercial borrowings (ECB) for the month of June 2020.

Rural Electrification Corporation Limited (REC Ltd), the government owned institution to promote rural power projects, was the only company to raise USD 170 million through the approval route of ECB for the purpose of on-lending.

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Among the major borrowers who tapped the automatic route of ECB were: TVS Credit Services raising USD 100 million for on-lending, and Johnson Matthey India Pvt Ltd - USD 132.10 million as working capital loan.

Ibibo Group Pvt Ltd which is into travel and tour business raised USD 99.04 million as working capital loan, while food products manufacturer Adani Wilmar raised USD 45 million for modernisation purpose, showed the RBI data.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)