India Inc’s Feb foreign borrowing down 40% at $1.35 bn

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Indian corporates raised over USD 1.35 billion (around Rs 9,000 crore) from overseas markets in February, down 40.2 percent over the same month a year ago, RBI data showed today.
Domestic firms had raised USD 2.26 billion overseas in February last year.
The funds were raised using financial instruments such as external commercial borrowings (ECBs).
Of the total borrowings during the month, USD 1.02 billion were raised through automatic route while USD 330 million came via approval route.
Only one firm, Bharat Petroleum Corporation raised the entire USD 330 million through the approval route that was meant to be used for refinance company’s earlier ECB.
In the automatic route category, NTPC raised USD 500 million for power projects, Stelis Biopharma USD 47 million for new project, JK Tyre & Industries and Sintex Industries USD 35 million each for modernisation works, Rain Industries USD 30 million for overseas acquisition and Fresenius Kabi Oncology raised USD 29.02 million for general corporate purpose