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India Inc's foreign loans drop 47%

India Inc’s foreign loans drop 47%
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India Inc’s foreign loans drop 47%

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India Inc's foreign borrowings fell by over 47 per cent in August this year to $1.75 billion, data from the Reserve Bank showed on Monday

New Delhi: India Inc's foreign borrowings fell by over 47 per cent in August this year to $1.75 billion, data from the Reserve Bank showed on Monday. The domestic companies had borrowed a total of $3.32 billion from overseas markets in August 2019, by way of external commercial borrowings (ECBs). Of the total borrowings from overseas sources during the month under review, $1.61 billion was raised through ECBs, while the rest $145.74 million was raised by issuing rupee denominated bonds (RDBs) or masala bonds, showed the RBI's 'Data on ECB/FCCB for the month of August 2020'.

Splitting the data in the ECB category, it said a total of $1.57 billion was raised by various companies through the automatic route, while the rest $35.93 million came in through the approval route.

The major borrowers in the automatic route of ECB included Reliance Sibur Elastomers, a manufacturer of chemicals and chemical products, which raised $339.42 million for refinancing of an earlier ECB.

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