India Inc borrowed $4.6 billion from overseas markets in February

Indian corporates raised about $4.60 billion in external commercial borrowing (ECB) in February, data from the Reserve Bank of India (RBI) showed Monday. This was 14% less than the ECB raised in January.

Out of the total overseas mobilisation in February, $4.20 billion was raised through the automatic route for which no prior approval is required either from the government or the central bank.

The balance $400 million was raised by Piramal Finance using the approval route, the RBI said.

Over 100 companies raised ECB through the automatic route in February, the data showed.

Among these companies are Tata Power Renewable Energy ($550 million), Manappuram Finance ($500 million), Renew Vyoman Power (454 million), IIFL Home Finance ($300 million), Serentica Renewable India (270 million), BMW India Financial Services ($237 million) and Tata Capital ($150 million).

The biggest ECB in February was done by a renewable energy-focused Telangana-based company, ABC Cleantech, which mobilised 595 million for about seven years.