India firms borrowed $1.89 bn from overseas markets in June: RBI

Mumbai: Borrowings by Indian firms declined by over 3 percent from a year ago to $1.89 billion in June 2014, according to Reserve Bank data released today.

During June 2013, India Inc had raised $1.95 billion from overseas markets by way of external commercial borrowings (ECBs).

Of the total companies raising money abroad during June, 55 firms borrowed $1.30 billion through automatic route and 14 raised $583.7 million from approval route.

In approval route category, HPCL-Mittal Pipelines Limited raised $262.5 million in two separate tranches for refinancing of earlier ECB.

State-owned carrier Air India raised $149.5 million in two tranches for import of capital goods and SCI Forbes Limited raised $35.25 million to refinance earlier ECB.

In the automatic route, India Oil Corporation Ltd raised $650 million to refinance earlier ECB, Reliance Industries borrowed $238.02 million for import of capital goods and construction major Larsen & Toubro Ltd raised $100 million for rupee expenditure.

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Among others, Hero Cycles borrowed money for overseas acquisition, Lotte India Corporation for new project, Aditya Birla Nuvo for refinancing of earlier ECB and Technofab Engineering for modernisation.

PTI