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BW Businessworld

India Inc's Foreign Borrowings Jump 24 % To USD 9.23 Bn In March

IRFC raised a total of USD 3.33 billion in three tranches for the purpose of infrastructure development, while ONGC Videsh Rovuma Ltd borrowed USD 1.6 billion for overseas acquisition.

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India Inc's external commercial borrowings jumped by over 24 per cent to USD 9.23 billion in March this year, RBI data showed.

Indian firms had raised USD 7.44 billion from the foreign market in the same period a year ago.

Of the total borrowings during March 2021, USD 5.35 billion came in through the approval route of the external commercial borrowings (ECB), while the rest of USD 3.88 billion was raked in via the automatic route of raising funds from international markets.

No money was raised through the rupee denominated bonds (RDB) or the masala bonds, as was the case in the year-ago period as well.

Indian Railway Finance Corporation (IRFC), ONGC Videsh Rovuma and REC Ltd were the three players that raised money in the approval route category.

IRFC raised a total of USD 3.33 billion in three tranches for the purpose of infrastructure development, while ONGC Videsh Rovuma Ltd borrowed USD 1.6 billion for overseas acquisition.

REC Ltd -- the infrastructure finance company in power sector -- raised USD 425 million during the month through the ECB facility for the purpose of on-lending.

Among the top borrowers in the automatic route, Adani Hybrid Energy Jaisalmer garnered nearly USD 1.25 billion in five tranches for its new project; Bharti Airtel raised USD 750 million as working capital loan; PGP Glass got USD 360 million to meet its rupee expenditure and NTPC raised USD 260 million for infrastructure development.

Information services provider Mohalla Tech Pvt Ltd raised USD 225 million in three tranches for its working capital requirement; Indian Oil Corporation and MMR Saha Infrastructure received USD 100 million each for working capital requirement and new project respectively.

Gujarat Alkalies and Chemicals borrowed USD 70 million for rupee expenditure and Oil India Ltd raised USD 50 million against overseas acquisition, showed RBI data.

(PTI)