India Inc's Dec foreign borrowing up 14%

India Inc raised $637.29 million from overseas markets in December 2014, up 13.65 per cent from year-ago period, according to the RBI data.

The domestic companies had raised $560.73 million from overseas markets in the same month last year.

Of the total borrowings during the month under review, $145.62 million was raised through approval route, while $491.67 million came through automatic route.

As many as 59 companies raised money from automatic route and 4 firms raised via approval route.

In the approval route category, Oil India Limited raised $125 million for refinancing of earlier ECB, Goldman Sachs Services Pvt Ltd $75 million for general corporate purpose, Sabmiller India Ltd raised $50 million for general corporate usage and Himatsingka Seida Limited raised $21 million for overseas acquisition.

In the approval route, Air India raised  $99.5 million for import of capital goods, Sandisk India Device Design Centre Private Limited and Mercator Limited raised $28 million and  $18 million respectively for mordernisation projects.