<div>India Inc raised $2.78 billion from overseas markets in October this year, up 44 per cent from a year ago, according to the Reserve Bank of India (RBI) data.</div><div> </div><div>Domestic firms had raised $1.93 billion the overseas market in the same month a year ago.</div><div> </div><div>Of the total borrowings during the month, $69.43 million was raised through the approval route, while $2.71 billion came through the automatic route.</div><div> </div><div>As many as 56 companies raised money from automatic route while 3 firms raised funds via the approval route, the RBI data showed.</div><div> </div><div>In the approval route category, Indiabulls Housing Finance Limited raised $50 million for sub-lending, Roxul-Rockwool Insulation India Private Ltd $11.43 million for general corporate purpose and Cargill India raised $8 million for rupee expenditure.</div><div> </div><div>Under the automatic route, the major borrowers were Tata Motors raising $750 million for rupee expenditure and refinancing of earlier ECB and Reliance Jio Infocomm $750 million for rupee expenditure.</div><div> </div><div>Bharat Mumbai Container Terminals raised $494.53 million for port project and Larsen & Toubro borrowed $400 million for refinancing of earlier ECB and redemption of FCCBs.</div><div> </div><div>Among others, Aditya Birla Nuvo raised $42 million for refinancing of the earlier ECB; Srei Infrastructure Finance, $30 million for sub-lending, and Tata Hitachi Construction Machinery Co $39.14 million for general corporate purpose.</div><div> </div><div><strong>External Commercial Borrowings</strong></div><div>Meanwhile, the RBI allowed external commercial borrowings to be parked with banks in the country as term deposits for up to six months pending their utilisation.</div><div> </div><div>The borrowers are required to bring the proceeds meant for rupee expenditure such as payment for spectrum allocation, capital goods into India.</div><div> </div><div>The existing external commercial borrowing guidelines on the cost ceiling, permitted end-use and others will also be applicable to all such debt where the proceeds will be parked with banks in the country, the RBI said.</div><div> </div><div>(Agencies)</div>
