India Inc's foreign borrowings saw an over six-fold rise at USD 3.04 billion in November, according to RBI data, reported PTI.
Domestic firms had raised USD 488.49 million as debt from overseas destinations in the same month a year ago.
The companies raised this amount of money by tapping sources like foreign currency convertible bonds (FCCBs), external commercial borrowings (ECBs) and rupee denominated bonds (RDBs) or commonly known as masala bonds.
Among major borrowers, Reliance Industries raised USD 800 million to refinance its earlier ECB, Power Finance Corporation borrowed USD 700 million for sub-lending and Kia Motors India sought USD 648 million for a new project fund requirement.
Of the few other major borrowers, Jaiparkash Associates Ltd raised 120.34 million for redemption of its FCCBs, Shanti Sagar International Dredging Pvt Ltd borrowed USD 113.29 million for import of capital goods and Bharat Petroleum Corporation generated USD 100 million for refinancing of earlier ECB.
Only one firm Bussan Auto Finance India tapped the RDB route to borrow over USD 18.50 million for on-lending.