Mumbai, Dec 22 (IANS): Indian firms raised $3.49 billion from foreign markets in November, which was a whopping over 60 percent higher than that garnered a year ago, Reserve Bank of India data showed Monday.

Domestic companies had raised $2.18 billion from overseas markets in the same month last year.

Of the latest borrowings, $1.52 billion was raised through the approval route, while $1.97 billion came through the automatic route. While 64 companies raised money via the automatic route, three firms raised funds through the approval route.

Data on external commercial borrowing (ECB) showed that in the approval route category, Reliance Jio Infocomm raised $1 billion for refinancing of its earlier ECB, JSW Steel $500 million for refinancing of rupee loans and Daramic Battery Seperator India raised $24.95 million for a new project.

In the automatic route category, major borrowers were state-run generator NTPC and Reliance Jio Infocomm, respectively raising $500 million each for a power project and refinancing of earlier ECB needs.

Power Finance Corp raised $250 million for on-lending, the Export-Import Bank of India raised $171.95 million for sub-lending and Sahara Hospitality Ltd raised $60 million for modernisation projects.

The ECB data comes on the back of figures earlier this month on industrial activity measured in terms of the Index of Industrial Production (IIP), which showed negative 4.2 percent growth in October as compared to a 1.2 percent decline in growth during the corresponding month of last year.