BENGALURU: External commercial borrowings (ECBs) by Indian firms declined by 32 percent to $2.61 billion in September, according the Reserve Bank data today.

The borrowings were at $3.18 billion in the same month last year.

However, ECBs raised by Indian firms in August this year were significantly lower at $750.77 million, as per RBI data.

Of the total amount raised during last month, $1.48 billion was through approval route, while $1.13 billion came via automatic route.

Two players Reliance Industries Ltd ($1.47 billion) and Global Vectra Helicorp ($ 8.7 million) took the approval route to refinance earlier ECBs and import of capital goods respectively.

Major loan takers under automatic route were Hindustan Petroleum Corporation Ltd ($ 250 million); Rural Electrification Corporation ($ 250 million) and MCC PTA India Corp. Pvt Ltd ($ 170 million).

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