India Inc's external commercial borrowings (ECBs) fell by 45 per cent to USD 2.42 billion in January 2019 as compared to the year-ago period, data from RBI has showed.
Domestic firms had raised USD 5.40 billion from overseas sources during January 2018. Of the total borrowings during the month, USD 2.27 billion was raised through the automatic route of the ECBs. The remaining USD 150 million was taken through the approval route, as per the Reserve Bank data on ECB for January 2019. No money was raised through rupee denominated bonds (RDBs) during the month, both in 2019 and 2018.
Major borrowers, which tapped resources overseas via approval route, included Indian Oil Corporation Limited (USD 900 million), Bharat Petroleum Corp (USD 500 million) and Hindustan Petroleum Corp (USD 200 million).
All three oil marketing firms raised the money for their working capital requirement. Power Grid Corporation raised USD 228.55 million for power project and Reliance Home Finance raised USD 35.50 million for lending. Power Finance Corp was the only firm to raise USD 150 million for sub-lending purpose.