Foreign borrowing of Indian companies nearly trebled from the year-ago period to $3.81 billion in December 2018, according to data from the Reserve Bank of India.
Of the total fundraising during last month, $3.77 billion was mobilised through external commercial borrowings (ECBs) in the foreign markets, while $37.04 million was through rupee-denominated bonds (RDBs), showed the RBI data on ECB for December 2018.
The domestic firms had raised $1.31 billion through the ECB route in December 2017.
In the ECB category, $3.30 billion was raised through the automatic route and the rest of $473.56 million was mopped up through the approval route.
Among the major borrowers, Indian Oil Corporation raised $1.3 billion as a working capital loan; Bharat Oman Refineries Ltd $125 million for refinancing of earlier ECB; and Power Grid Corporation of India Ltd $195.83 million for power projects.
NTPC and Hindustan Petroleum Corp raised $300 million each for power projects and working capital needs respectively; PNB Housing Finance borrowed $265 million for on-lending and Bharat Petroleum Corporation $450 million for its working capital requirements.
Mortgage lender HDFC was the only borrower to raise the USD 473.56 million loan under the approval route of ECB.
Those who issued RDBs, or the masala bonds, in foreign markets included Avas Financiers that raised $28.28 million for on-lending and Roserve Enviro Pvt Ltd which mopped up $7.78 million for rupee expenditure.
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