 In June 2008, Borghi returned to Argentina to become the 19th coach of Independiente in the last 10 years.Borghi was unable to accomplish a winning campaign and resigned from the position on 5 October 2008 following, a 1–0 loss to Huracán.While at Independiente, Borghi managed the team for 17 matches, winning 4, drawing 9, and losing 4.