Indian firms raised about $1.34 billion from foreign markets in October this year, which was down 34 per cent from the last year, the Reserve Bank of India (RBI) data said. The local firms had increased more than $2.03 billion from the foreign markets in October 2020.

The Indian companies raised nearly $1.32 billion by external commercial borrowings (ECBs) from the automatic route. While the rest of $14,749,994 was raised by Fortum Solar Plus by issuing rupee-denominated bonds (RDBs), also known as masala bonds. Fortum Solar offers electricity, gas and steam air conditioning supply and the returns from the borrowings are utilised for refinancing rupee loans. Primary borrowers in the ECB category include ONGC Videsh (OVL), which raised $600 million; Indian Oil Corporation (IOCL) raised $250 million and Renew Solar Urja $147 million.