India Inc’s foreign borrowings plunge over 68% to $996 million in April


PTI, Jun 15, 2020, 9:29 AM IST

New Delhi: India Inc’s foreign borrowings plunge over 68% to $996 million in AprilOverseas borrowings by Indian companies fell 68.5 percent to $996.04 million in April, according to data from the Reserve Bank of India (RBI).

India Inc had raised as much as $3.16 billion from overseas markets in the corresponding month of the previous financial year.

Whereas no fund was raised by way of rupee-denominated bonds (RDBs) or masala bonds in April 2020, the borrowing during the year-ago month included $304,462 through RDBs.

Of the total borrowing from the foreign market in April this year, USD 696.04 million was raised through the automatic route of the external commercial borrowings (ECB).

REC, the financial service provider in the energy sector, was the sole entity to raise $300 million through the approval route of ECB for the purpose of on-lending.

Among the major borrowers in the automatic route included Sical Logistics $179.10 million for overseas acquisition. The company is engaged in the business of transport through land and pipeline.

Mahindra & Mahindra Financial Services raised $139.30 million for on-lending, and Adani International Container Terminal $98.51 million.

Among others were Veritas Software Technologies India’s $49 million for starting new project and HPCL-Mittal Energy Ltd, which is engaged in the manufacturing of coke and petroleum products, $40 million for rupee expenditure.

Automotive Electronics Power Pvt Ltd raised $32.79 million for working capital requirements and new project needs, while Hyundai Transys India Pvt Ltd borrowed $23.88 million for import of capital goods.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Punjalkatte: Miscreants scribble offensive remarks against RSS on road

Mangaluru: Car hits traffic police; driver escapes

Rahul turns heat on BJP govt in Karnataka, Yatra gets festive response in Mysuru

Mangaluru: Mangaladevi, Narayan Guru circles inaugurated

Siddaramaiah-led govt withdrew cases against PFI workers: Ashoka

AAP to burn effigies of Ravan made of garbage across Delhi on Tuesday

State govt has released Rs. 4 cr to tackle areca leaf spot disease: Min Araga Jnanendra


Related Articles More

Sebi penalises 10 entities for diverting IPO proceeds in Birla Pacific Medspa case

Sandeep Kumar Gupta takes over as GAIL Chairman

Govt to approach capital market this month to raise Rs 2,500 cr for three road projects

Gone with the loan: Indian ‘travel-philes’ bank big on ‘travel now, pay later’

Karnataka Bank launches ‘KBL Utsav’ loan campaign

MUST WATCH

Day 8 | Mahagauri

Sarapady Devadas Special Video.

Day 7 | Goddess Kalratri

Huge Fish Found in Muloor

Uchila Dasara 2022 Celebration


Latest Additions

Paresh Mesta Case: CBI files closure report, Concludes ‘death was accidental’

Punjalkatte: Miscreants scribble offensive remarks against RSS on road

Gutted that I won’t be part of T20 World Cup: Bumrah

Initial investigation didn’t point towards terror angle in DG Prisons murder: J-K Police

Court sentences eight men to life sentence in gang-rape case

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.