Foreign borrowings of Indian companies fell over 45 per cent to $2.09 billion in December 2019 as compared to the year-ago period, according to the Reserve Bank data.

Indian firms had raised $3.81 billion in December 2018, which included $37 million through issuance of masala bonds.

Of the total money borrowed by domestic companies during December 2019, $1.2 billion was through the automatic route of external commercial borrowing (ECB) and $840 million via approval route of ECB. The remaining $55.98 million was raised through the rupee denominated bonds or popularly known as masala bonds.

The borrowers taking the automatic route of ECB included HPCL-Mittal Pipelines ($262.5 million), HDFC Credila Financial Services ($100 million), LIC Housing Finance ($200 million) and Toyota Financial Services India ($100 million), among others.

Those who borrowed through the approval route were REC Ltd ($500 million) and Power Finance Corporation ($250 million), besides others. Cholamandalam Investment and Finance Company was the only company to have floated masala bonds overseas to raise up to $55.98 million for on-lending, as per RBI data.