India Inc's overseas borrowings rises to USD 1.51 bn in Sept

On a quarterly basis, the funds raised internationally increased by 70 per cent in the September quarter to USD 4.61 billion from USD 2.71 billion registered in the June quarter, according to the data released by the Reserve Bank today.

Funds raised through External Commercial Borrowings (ECB) and Foreign Currency Convertible Bonds (FCCB) in September stood at USD 1.51 billion, higher than USD 1.09 billion in August, the central bank said in a statement.
However, borrowings in September this year was down by about 47 per cent from the same period last year, when it was at USD 2.83 billion.

Of the total borrowings of USD 1.51 billion during September, the amount raised under the automatic route stood at USD 332 million and through the approval route at USD 1,177 million.

External commercial borrowings that started dipping from December quarter last year, rose to the highest in September quarter after declining for three consecutive quarters.
Total borrowings in December 2008 quarter stood at USD 4.50 billion, it fell to USD 2.90 billion in following March 2009 quarter, and further to USD 2.71 billion in June quarter.