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The Reserve Bank of India (RBI) in its latest report has said that India Inc's foreign commercial borrowings in August this year rose by nearly 4.6 per cent to USD 2.98 billion. In August 2021, the Indian businesses borrowed USD 2.85 billion in the form of external commercial borrowings.

It stated of the total borrowings in August this year, over USD 2.47 billion was through the automatic route of raising funds from foreign sources. While more than USD 502.79 million was raised by way of issuing rupee denominated bonds (RDBs) or masala bonds.

It further mentioned among the major borrowers include mortgage lender HDFC USD 1.1 billion for the purpose of sub-lending; FS India Solar Ventures USD 500 million for a new project; Fullerton India Credit Co USD 350 million for sub-lending and Toyota Financial Services USD 50 million for refinancing of Rupee loans.

Among others, IIFL Finance raised USD 50 million for refinancing of earlier ECB; Tata Sia Airlines raised USD 36 million for import of capital goods; Flender Drvies USD 31.37 million for working capital requirement and Hyundai Transys India USD 23.3 million for refinancing of earlier ECB. AM Green Energy was the only company to issue masala bonds for the entire USD 502.79 million for a new project.