New Delhi– India Inc’s foreign borrowings in May fell by as much as 45 per cent to $1.32 billion as compared to the same period in the previous fiscal, according to Reserve Bank of India (RBI) data.

In May last year, India Inc foreign borrowings stood at $2.39 billion.

The borrowings happened through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), out of which $472.69 million was through automatic route and the remaining $845.72 million was routed via approvals.

Under the approval route, HDFC borrowed $375 million in May for on-lending and sub-lending. Reliance Industries borrowed $190.72 million for refinancing of earlier ECBs, Adani Ports raised $150 million for ports while Dewan Housing Finance Corporation raised $130 million for on-lending and sub-lending, the data showed.

Under the automatic route, Sintex Industries raised the maximum foreign borrowings of $110 million in May for modernisation projects. Ultratech Cement and EXIM Bank, both raised $50 million each for refinancing of earlier ECBs and on-lending respectively. (IANS)