Dear Readers,
Current affairs is an important component of several competitive exams such as the UPSC Civil Services Examination, SSC-CGL, Bank PO & PSU entrance tests, etc. Therefore, understanding the terms/concepts/events that make news is critical for aspirants. We at PaGaLGuY bring you series of articles explaining some of these important concepts/events. Read on to know about latest news on Indian firms’ foreign borrowings.
As per data from the RBI, Indian firms raised
over $2.39 billion from foreign markets in May. This is an increase of 64 percent as compared to last year.
Domestic firms raised
$1.46 billion from overseas in May last year. Of the total
borrowings during the month, $90 million was raised through approval route while
$2.30 billion were done through the automatic route.
In the approval route
category, Tata Teleservices raised $50 million for its working capital
requirement and Ocean Sparkle borrowed $40 million for import of capital
goods.
In automatic route,
major borrowers were Bharat Petroleum Corporation of $500 million and Reliance Communication $300 million for rupee
expenditure, Renew Wind Energy (Rajasthan 3) Private Ltd $100 million for power needs.
Among other firms, Reliance
Jio Infocomm raised $750 million for rupee expenditure, IDFC Ltd – $100 million for refinancing of
earlier ECB and Prodair Air Products India – $203.76 million for new project.
In April Indian companies raised over USD 727.33 million from foreign markets.
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