India Inc’s foreign borrowing up by 60% in Nov

The domestic industry has borrowed US $3.49 billion in November. The borrowing has been increased by 60 per cent in November 2014 comparing to last year borrowing.

A statement issued by the Reserve Bank of India on Monday said that, three firms in India raised US $1.52 billion through the approval route; other 64 domestic firms raised funds via automatic route.

In November 2013, the external borrowing by Indian incorporation was at US $2.18 billion. According to the statement issued by RBI on the external commercial borrowing (ECB), in the approval rout category, Reliance Jio Infocomm raised US $1 billion, JSW Steel raised US $500 million and Daramic Battery Seperator India raised US $24.95 million.

NTPC and Reliance Jio Infocomm have raised US $500 million each for power project and refinancing of the earlier ECB needs, in the automatic route category.

Other Indian industries borrowed the overseas fund were the Power Finance Corporation, Bank of India, and Sahara Hospitality – raised US $250 million, US $171.95 million and US $60 million respectively, the statement said.