India Inc overseas borrowings plunge by 51% to $738 million in May
1 min read India corporations’ overseas borrowings plunged by practically 51 per cent to USD 738.45 million in May this 12 months amid the second wave of COVID-19, in keeping with the RBI knowledge.
Indian companies had raised USD 1.49 billion by means of exterior business borrowings (ECB) in May 2020.
The total fund raised in May 2021 got here via the automated route of the ECB.
Also, not a single borrower tapped the rupee-denominated bonds (or masala bonds) to boost funds from overseas markets in May, identical as within the year-ago month.
BW Global United LPG India Pvt Ltd (USD 198.41 million for import of capital items); Renew Sun Waves (USD 140 million for brand spanking new tasks); and Indian Oil Corporation (USD 100 million for working capital requirement) have been among the many main debtors.
Tata SIA Airlines Ltd raised USD 110.40 million for the import of capital items, the information confirmed.
