India companies’ foreign borrowings plunged by nearly 51 per cent to USD 738.45 million in May this year amid the second wave of COVID-19, according to the RBI data.

Indian businesses had raised USD 1.49 billion by way of external commercial borrowings (ECB) in May 2020.

The entire fund raised in May 2021 came through the automatic route of the ECB.

Also, not a single borrower tapped the rupee-denominated bonds (or masala bonds) to raise funds from foreign markets in May, same as in the year-ago month.

BW Global United LPG India Pvt Ltd (USD 198.41 million for import of capital goods); Renew Sun Waves (USD 140 million for new projects); and Indian Oil Corporation (USD 100 million for working capital requirement) were among the major borrowers.

Tata SIA Airlines Ltd raised USD 110.40 million for the import of capital goods, the data showed.