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India Inc's foreign borrowings jump 24% to $9.23 bn in March

    3 May , 2021         Fdiindia

India Inc's foreign borrowings jump 24% to $9.23 bn in March

According to RBI numbers, India Inc's external commercial borrowings increased by more than 24% to $9.23 billion in March this year.

In the same time a year earlier, Indian companies earned $7.44 billion from the international sector.

The acceptance route of foreign commercial borrowings (ECB) brought in $5.35 billion of the overall borrowings in March 2021, whilst the automated route of collecting funds from foreign markets brought in $3.88 billion.

The rupee denominated bonds (RDB) and masala bonds were not used to collect funds, as they were the previous year.

ONGC Videsh Rovuma, and REC Ltd were the three companies that collected money in the clearance path segment in March, bringing the total amount raised to $1.93 billion.

IRFC raised $3.33 billion in three tranches for infrastructure growth, while ONGC Videsh Rovuma Ltd lent $1.6 billion for international expansion.

REC Ltd, a power sector infrastructure financing firm, earned $425 million via the ECB facility this month for on-lending purposes.

Adani Hybrid Energy Jaisalmer received approximately $1.25 billion in five tranches for its latest project; Bharti Airtel received $750 million as a working capital loan; PGP Glass received $360 million to cover rupee expenditure; and NTPC received $260 million for infrastructure growth.

Mohalla Tech Pvt Ltd, a supplier of information technology, earned $225 million in three tranches for working capital; Indian Oil Corporation and MMR Saha Infrastructure each obtained $100 million for working capital and a new project, respectively.

According to RBI numbers, Gujarat Alkalies and Chemicals borrowed $70 million for rupee investment and Oil India Ltd collected $50 million for a foreign acquisition.