India Inc's foreign borrowing rises by 60 per cent to US $3.5 billion in November

India Inc raised US $3.49 billion from overseas markets in November, up 60.2 per cent from the year-ago period, according to data released by the Reserve Bank of India (RBI) on Monday.

Of the total foreign borrowings in the reporting month, 3 firms raised US $1.52 billion through the approval route, while as many as 64 domestic firms raised US $1.97 billion funds via the automatic route, showed RBI data on external commercial borrowing (ECB).

The domestic industry had raised US $2.18 billion overseas in November 2013.

In the approval route category, Reliance Jio Infocomm raised US $1 billion for refinancing of its earlier ECB, sub-lending, JSW Steel raised US $500 million for refinancing of rupee loans and Daramic Battery Seperator India raised US $24.95 million for new project.

In the automatic route category, the major borrowers were NTPC and Reliance Jio Infocomm, raising US $500 million each for power project and refinancing of earlier ECB needs.

Meanwhile, Power Finance Corporation raised US $250 million for on-lending, Export-Import Bank of India raised US $171.95 million for sub-lending and Sahara Hospitality raised US $60 million for modernisation projects.