Overall borrowings by India Inc from overseas markets grew 6.5 per cent to $ 2.12 billion in November 2019, the Reserve Bank data showed.

Domestic companies had borrowed over $ 1.99 billion in November 2018 from foreign sources. Of the total foreign borrowing during the month, $ 2,11,53,22,022 was raised through the automatic route under the external commercial borrowing (ECB). No capital came in through the approval route, while the rest of $ 9,86,681 was by way of issuance of rupee denominated bonds (RDB).

The major borrowers in the automatic route of ECB were: Adani Transmission Ltd ($ 500 million for refinancing of rupee loans), Tata Motors Ltd ($ 400 million for rupee expenditure), Oil and Natural Gas Corporation ($ 300 million for new project) and JSW Steel Ltd ($ 250 million for refinancing of earlier ECB).

Among others, Home Credit India Finance raised $61.58 million for on-lending purpose, manufacturing firm Nipro India Corporation Private Ltd borrowed $ 52.1 million to carry out modernisation work, non-metallic mineral producer Owens-Corning (India) Private Limited raised $ 30 million for working capital needs, and Exxonmobil Services & Technology Pvt Ltd borrowed $ 30 million for rupee expenditure.

Margdarshak Financial Services Limited, which is into micro finance business, except for insurance and pension funding, was the sole entity to raise the money by issuing the rupee bonds (popularly known as masala bonds).