MUMBAI : Indian companies raised nearly $ 1.34 billion in overseas markets in October this year, down 34% from a year earlier, RBI data showed on Wednesday.

Domestic companies had raised more than $ 2.03 billion in overseas markets as of October 2020.

During a break-up, the companies raised up to $ 1.32 billion through automatic route external commercial borrowing (ECB).

While the remainder of $ 1,4749,994 was raised by a single company – Fortum Solar Plus Pvt Ltd – by issuing rupee denominated bonds (RDBs), commonly known as masala bonds.

The company is engaged in the supply of electricity, gas and steam air conditioning and the proceeds from the loans are to be used for refinancing rupee loans, RBI data on external commercial borrowing for October 2021 showed.

Major borrowers in the ECB category include ONGC Videsh Ltd, which raised $ 600 million for the refinancing of the previous ECB.

Indian Oil Corporation raised $ 250 million and Renew Solar Urja $ 147 million. Both companies will use the funds for expenses in rupees.

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