India Inc’s foreign borrowing rises 74 per cent to USD 2.18 billion in July

NEW DELHI: India Inc raised USD 2.18 billion from overseas markets in July through external commercial borrowing, up 74 per cent from a year ago, RBI data showed.nnIn July 2017, the companies raised USD 1.89 billion by tapping foreign markets.nnOf the total borrowings (ECB), USD 1.75 billion was raised through automatic route and rest from approval route of the ECB.nnReliance Jio Infocom was the only company to have raised over USD 1 billion via the approval route.nnAmong the major borrowers in the automatic route included JSW Steel USD 165 million for modernisation project, Dewan Housing Finance Corporation USD 240 million for refinancing of earlier ECB and GE Diesel Locomotive USD 121 million for refinancing of rupee loan.nnProdair Air Products India Ltd USD 72.28 million for new project and BMW India Financial Services USD 48.68 million for the purpose of on lending.nnNo money was raised through the way of Rupee denominated bonds (RDB) during the month, showed the data.nnSource: Press Trust of India