India: Foreign borrowings dropped by 51 per cent
Indian companies foreign borrowings has slipped by 51 per cent to USD 738.45 million in May current year in the middle of the second wave of COVID-19. On the other hand, businesses had raised by USD 1.49 billion through (ECB) External Commercial Borrowings in May 2020.
The entire fund that ECB raised in May came via an automatic route of the ECB. Not even a single borrower tapped the rupee-denominated bonds/masala bonds to raise funds from foreign markets in May.
- BW Global United LPG India Pvt Ltd
198.41 million USD for import of capital goods.
- Renew Sun Waves
140 million USD for new projects
- Indian Oil Corporation NSE
0.84 % 100 million USD for working capital requirement were among the significant borrowers.
- Tata SIA Airlines Ltd
The company raised 110.40 million USD for the import of capital goods.