Mumbai, Jan 30 (PTI) Foreign borrowing of Indian companies nearly trebled from the year-ago period to USD 3.81 billion in December 2018, according to data from the Reserve Bank of India. Also Read - Rupee settles 16 paise down at 71.19 vs USD; registers 2nd weekly loss
Of the total fundraising during last month, USD 3.77 billion was mobilised through external commercial borrowings (ECBs) in the foreign markets, while USD 37.04 million was through rupee-denominated bonds (RDBs), showed the RBI data on ECB for December 2018. Also Read - IOC to raise USD 3 bn more in overseas loan
The domestic firms had raised USD 1.31 billion through the ECB route in December 2017. Also Read - Tale of Two Skippers: King Kohli soars, Captain Smith plummets
In the ECB category, USD 3.30 billion was raised through the automatic route and the rest of USD 473.56 million was mopped up through the approval route.
Among the major borrowers, Indian Oil Corporation raised USD 1.3 billion as a working capital loan; Bharat Oman Refineries Ltd USD 125 million for refinancing of earlier ECB; and Power Grid Corporation of India Ltd USD 195.83 million for power projects.
NTPC and Hindustan Petroleum Corp raised USD 300 million each for power projects and working capital needs respectively; PNB Housing Finance borrowed USD 265 million for on-lending and Bharat Petroleum Corporation USD 450 million for its working capital requirements.
Mortgage lender HDFC was the only borrower to raise the USD 473.56 million loan under the approval route of ECB.
Those who issued RDBs, or the masala bonds, in foreign markets included Avas Financiers that raised USD 28.28 million for on-lending and Roserve Enviro Pvt Ltd which mopped up USD 7.78 million for rupee expenditure.
This is published unedited from the PTI feed.