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Overseas borrowings by Indian companies fell 68.5 per cent to USD 996.04 million in April:RBI

Indian
Man hand with a stack of hundred US dollars bills, close up

As per the data collected by the Reserve Bank of India, overseas borrowing by Indian companies has decreased 68.5 percent to $996.04 million. This data is recorded in the month of April 2020.

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During the same month of the previous financial year, India Inc had raised nearly

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$3.16 billion from the overseas market. No money was raised via rupee denominated bonds also called as masala bonds in the month of April 2020 Indian companies. The borrowing during the same period last year had dollar 304,462 raised through these rupee denominated bonds or RDBs.

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This is year’s borrowing include $696.04 million raised by the automatic route of the external commercial borrowings Indian companies. REC is a financial service provider in the energy sector. It was the only firm to raise dollar 300 million through this approved route of ECB for external commercial borrowing. The money raised would be used for the purpose of on-lending.

Sical logistics and Mahindra and Mahindra financial Services work among the major borrowers in the automatic route, raising $179.10 million and $139.30 million respectively. sequel logistics is a company involved in the business of transport through land and pipeline. Adani international container terminal also raised dollar 98.51 million.

 

Also read:-The country’s foreign exchange reserves crossed massive USD 8.22 billion in the week ended June 5:RBI