NEW DELHI: India Inc's foreign borrowings grew over two-fold to USD 3.41 billion in October over the corresponding month a year ago, according to data from the Reserve Bank of India.
Indian companies had raised USD 1.41 billion in borrowings from overseas markets in October 2018.
Of the total money borrowed by the domestic companies, USD 2.87 billion was through the automatic route of external commercial borrowing (ECB), USD 538 million came in through the approval route of ECB, showed the data.
In the ECB category, the major borrowers tapping the automatic route included Muthoot Finance (USD 400 million), HPCL-Mittal Energy (USD 300 million), Wardha Solar (Maharashtra) (USD 251 million), Larsen and Toubro (USD 200 million), Deccan Fine Chemicals (USD 140 million) and Aditya Birla Finance (USD 75 million).
Two companies tapped the approval route with JSW Steel raising USD 400 million, while Shriram Transport Finance borrowed USD 138 million in October this year.
No money was raised through the rupee-denominated bonds or the masala bonds during the month, nor in the year-ago period.