Data from Reserve Bank of India (RBI) shows that overseas borrowing of Indian companies rose to $3.51 billion in January from $1.15 billion in the previous month.
The companies raised the amount through external commercial borrowings (ECB) and foreign currency convertible bonds (FCCB).
In order to fund its projects, Power Grid Corporation of India raised $500 million, while Rural Electrification Corporation raised $250 million for on-lending to power projects, via approval route.
Data reveals that of the total 69 companies raising money from overseas market during the month, 57 firms raised about $637.85 million through the automatic route which does not require approval from the Reserve Bank of India or the government.
Another around $2.87 billion was raised under the approval route through ECBs by 12 companies.
A sum of $849.47 million was raised by Interglobe Aviation through approval route for import of capital goods and Export-Import Bank of India raised $750 million via approval route for onward or sub-lending.
Larsen & Toubro raised $ 200 million via approval route for refinancing of earlier ECB and Essar Steel India raised $125 million for refinancing of the rupee loans.