A Reserve Bank of India (RBI) report shows that India Inc’s foreign commercial borrowings in August rose by nearly 4.6 percent to $2.98 billion. Indian businesses had borrowed $2.85 billion via external commercial borrowings in the same month last year.
Home loan company HDFC has emerged as one of the major borrowers, as per the report. The mortgage lender borrowed $1.1 billion for sub-lending.
Apart from HDFC, FS India Solar Ventures borrowed $500 million for a new project; Fullerton India Credit Co Ltd took $350 million for sub-lending, and Toyota Financial Services took $50 million for refinancing of rupee loans.
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Among others, IIFL Finance raised $50 million for refinancing of earlier ECB; Tata Sia Airlines raised $36 million for import of capital goods; Flender Drvies $31.37 million for working capital requirements and Hyundai Transys India $23.3 million for refinancing of earlier ECB.
AM Green Energy was the only company to issue masala bonds for the entire $502.79 million for a new project, as per the Reserve Bank (RBI) data.
Of the total borrowings in August this year, over $2.47 billion was through the automatic route of raising funds from foreign sources. While more than $502.79 million was raised by way of issuing rupee-denominated bonds (RDBs) or masala bonds.
With inputs from PTI
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