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30
January 2019
 |
Foreign borrowing (The Total Investment & Insurance Solutions)
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. 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.
The
domestic firms had raised USD 1.31 billion through the ECB route in December
2017. 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 NSE -2.04 % 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 NSE -1.90 % borrowed
USD 265 million for on-lending and Bharat Petroleum Corporation NSE -0.64 % 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. The Total Investment & Insurance Solutions
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