India Inc's overseas borrowings down 44% to $1.2 billion in July

India Inc's overseas borrowings fell by 44% to $1.2 billion (nearly Rs 7,983.3 crore) in July this year as against $2.14 billion (nearly Rs 14,236.9 crore) in the same period a year ago.

The Indian firms raised $183.7 million (nearly Rs 1,222.11 crore) via approval route while rest $1.02 billion (nearly Rs 6,785.81 crore) was raised by way of automatic channel, showed Reserve Bank of India's (RBI) data released on Friday.

Under the approval route, Tikona Digital Networks raised $171 million (nearly Rs 1,137.62 crore) for import of capital goods, while Vijayawada Tollway raised $11.07 million (nearly Rs 73.65 crore) for road related works.

Among major borrowers using the automatic route to raise money were HDFC at $446.38 million (nearly Rs 2,969.65 crore) for on-lending, Glenmark Pharmaceuticals at $200 million (nearly Rs 1,330.55 crore) for overseas acquisition and Adani Transmission at $74.40 million (nearly Rs 494.96 crore) for refinancing of rupee loans.

Birla Corporation raised $40 million (nearly Rs 266.11 crore) for refinancing of earlier ECB, while Siemens Financial Services raised $37.20 million (nearly Rs 247.48 crore) for on-lending, via automatic route.