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India Inc's foreign commercial borrowings rise by 4.6% in August, HDFC among major borrowers

India Inc's foreign commercial borrowings rise by 4.6% in August, HDFC among major borrowers

India Inc's foreign commercial borrowings rise by 4.6% in August, HDFC among major borrowers
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By CNBCTV18.com Oct 5, 2022 4:19:23 PM IST (Published)

India Inc's foreign commercial borrowings in August this year rose by nearly 4.6 percent to $2.98 billion, according to the RBI data. In August 2021, the Indian businesses borrowed $2.85 billion in the form of external commercial borrowings.

A Reserve Bank of India (RBI) report shows that India Inc’s foreign commercial borrowings in August rose by nearly 4.6 percent to $2.98 billion. Indian businesses had borrowed $2.85 billion via external commercial borrowings in the same month last year.

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Home loan company HDFC has emerged as one of the major borrowers, as per the report. The mortgage lender borrowed $1.1 billion for sub-lending. 
Apart from HDFC, FS India Solar Ventures borrowed $500 million for a new project; Fullerton India Credit Co Ltd took $350 million for sub-lending, and Toyota Financial Services took $50 million for refinancing of rupee loans.
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Among others, IIFL Finance raised $50 million for refinancing of earlier ECB; Tata Sia Airlines raised $36 million for import of capital goods; Flender Drvies $31.37 million for working capital requirements and Hyundai Transys India $23.3 million for refinancing of earlier ECB.
AM Green Energy was the only company to issue masala bonds for the entire $502.79 million for a new project, as per the Reserve Bank (RBI) data.
Of the total borrowings in August this year, over $2.47 billion was through the automatic route of raising funds from foreign sources. While more than $502.79 million was raised by way of issuing rupee-denominated bonds (RDBs) or masala bonds.
With inputs from PTI
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