India Inc’s foreign commercial borrowings in August this year rose by nearly 4.6 per cent to USD 2.98 billion, according to the RBI data.
In August 2021, the Indian businesses borrowed USD 2.85 billion in the form of external commercial borrowings.
Of the total borrowings in August this year, over USD 2.47 billion was through the automatic route of raising funds from foreign sources. While more than USD 502.79 million was raised by way of issuing rupee denominated bonds (RDBs) or masala bonds.
Among the major borrowers include mortgage lender HDFC Ltd $ 1.1 billion for the purpose of sub-lending; FS India Solar Ventures $500 million for a new project; Fullerton India Credit Co Ltd $350 million for sub-lending and Toyota Financial Services $50 million for refinancing of Rupee loans.