Indian firms external commercial borrowings down in September

Chennai: The external commercial borrowing (ECB) of Indian companies last month stood at $2.61 billion down from $3.17 billion borrowed during September 2014, the Reserve Bank of India (RBI) said on Tuesday.

According to RBI, the ECB under automatic route last month totalled around $1.1 billion while the balance is under the approval route.

Oil marketing company Hindustan Petroleum Corporation Ltd and Rural Electrification Corporation Ltd were the highest borrowers last month with $250 million under the automatic route.

While the oil company raised the money for modernisation, the REC raised the funds to refinance its earlier ECB.

Under the approval route, Reliance Industries Ltd was the highest fund raiser with around $1.47 billion for refinancing its earlier ECB.