Mumbai : Foreign borrowings by Indian companies fell 45 percent in May this year in comparision to the funds raised in May last year. According to the Reserve Bank of India (RBI) data, Indian firms raised $1.32 billion from overseas market last month. In May 2015, India had raised $2.39 billion from foreign markets.
Of the total borrowings, that were carried both through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), $845.72 million were raised via approval process while rest of $472.69 million came through the automatic route. Under the approval route, HDFC Ltd raised $375 million for on-lending, Reliance Industries $190.72 million for refinancing of earlier ECB, Adani Ports $150 million for port projects and Dewan Housing Finance Corp raised $130 million for on-lending.
Among major borrowers in automatic route category, Sintex Industries borrowed $110 million for modernisaiton works. Ultratech Cement and Exim Bank raised $50 million each for refinancing of earlier ECB and on lending, respectively.