Foreign loans from India Inc more than doubled to $ 4.98 billion in July: RBI

NEW DELHI: India Inc 's foreign loans It grew more than doubled to $ 4.98 billion in July during the same month last year, according to data from the Reserve Bank of India (RBI).

Indian companies had raised $ 2.18 billion in loans from foreign markets in July 2018.

Of the total money lent by national companies, $ 3.37 billion went through the automatic route of external commercial loans (ECB), $ 1.56 billion through the ECB approval route and the remaining $ 50.9 million were they collected by issuing bonds denominated in masala or rupees.

In the ECB category, the main borrowers that took advantage of the automatic route were Adani Ports And Special Economic Zone Ltd, which raised $ 750 million for rupee expenses and $ 650 million for the refinancing of the previous ECB, ONGC Videsh $ 500 million for others Finnish.

Larsen u0026 Toubro and HPCL-Mittal Energy raised $ 150 million and $ 125 million, respectively, for rupee expenses.

Among others, Aditya Birla Housing Finance; Lu0026T Finance; GACL-NALCO Alkalies u0026 Chemicals and India Infoline Finance raised $ 100 each for loan purposes.

On the ECB approval route, Reliance Industries raised a total of $ 912.87 million in three different tranches to cover rupee spending and import of capital goods, while REC Limited raised $ 650 million for loans.

Toyota Financial Services India was the only company that raised $ 50.86 million by issuing bonds denominated in masala or rupees in the foreign market for the purpose of subloans.