Mumbai: Indian corporates borrowed $1.79 billion through External Commercial Borrowings from the overseas market in June, data released by the Reserve Bank of India show. The majority of the borrowings were by telecom companies to make payments for the 3G auction.

In May, companies had borrowed only $696.298 million through ECBs.

Companies have borrowed a total $4.82 billion through ECBs in the first quarter of this fiscal.

Of the total ECBs in June, $1.77 billion was raised through the automatic route and $12.9 million through the approval route.

Forty nine companies raised funds through the ECB route in June. Infotel Broadband Services, which was acquired by Reliance Industries, raised the highest amount through ECB, borrowing $500 million under the approval route.