EquityWireECB Borrowing: Indian companies raise $2.80 bln via external commercial borrowing route in Sept
ECB Borrowing
Indian companies raise $2.80 bln via external commercial borrowing route in Sept
This story was originally published at 19:58 IST on 19 November 2025
Register to read our real-time news.Informist, Wednesday, Nov. 19, 2025
--RBI: Indian cos raised $2.80 bln via external commercial borrowing in Sept
NEW DELHI – Indian companies raised $2.80 billion through external commercial borrowings in September, data from the Reserve Bank of India Wednesday showed. The quantum of total ECB borrowings fell for the third consecutive month. Indian companies had raised $3.27 billion in August and $3.32 billion in July.
Of the total, Indian companies raised $2.39 billion through the automatic route in September, with Reliance Industries Ltd. being the largest borrower at $500 million. The company raised the money for import of capital goods.
The amount raised through the approval route was $405.77 million, according to the data. Power Finance Corp. Ltd. was the only company to raise money through the approval route in September. The non-banking finance company raised the money for on-lending or sub-lending purposes.
Following is the full list of issuances through external commercial borrowing in September:
| I AUTOMATIC ROUTE* | ||||
| ECB/FCCB | Borrower | in mln $ | Purpose | Maturity Period in months |
| ECB | Bigspring Services | 0.16 | Working Capital/General Corporate Purpose | 6 years 7 months |
| ECB | Korebloc Scaffolding And Formwork | 2.94 | New Project | 11 years 1 months |
| ECB | Perfect Machine Tools Company | 1.00 | Import of Capital Goods | 3 years 8 months |
| ECB | Northern ARC Capital | 25.00 | On-Lending or Sub-Lending | 3 years 6 months |
| ECB | ATS Conveyors India | 0.82 | Import of Capital Goods | 5 years 11 months |
| ECB | O.T. Processing And Packaging Solutions | 2.58 | Refinancing of Rupee Loans | 5 years |
| ECB | E-Fly Electronics | 0.26 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Visco Information Technology Services | 22.00 | Working Capital/General Corporate Purpose | 9 years 11 months |
| ECB | Visco Information Technology Services | 48.00 | New Project | 9 years 11 months |
| ECB | Ampyr Renewable Energy Resources Five | 2.52 | New Project | 9 years 3 months |
| ECB | Horkos India | 0.27 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Samunnati Finance | 7.00 | On-Lending or Sub-Lending | 3 years 10 months |
| ECB | Cooper Turner Beck Green Energy India | 0.91 | Working Capital/General Corporate Purpose | 6 years 1 months |
| ECB | Pro Flexi Packaging | 0.34 | Working Capital/General Corporate Purpose | 7 years 8 months |
| ECB | Manappuram Finance | 185.00 | On-Lending or Sub-Lending | 3 years |
| ECB | Kds Actuator Controls India | 1.69 | Import of Capital Goods | 3 years 11 months |
| ECB | Vettertec (India) | 0.35 | Local Sourcing of Capital Goods (Rupee Expenditure) | 8 years |
| ECB | Solum India Hightech | 5.00 | New Project | 3 years |
| ECB | Bactolac Nutraceuticals | 5.00 | Modernisation | 10 years 7 months |
| ECB | Hanboo India | 0.52 | Working Capital/General Corporate Purpose | 7 years 9 months |
| ECB | KSH Automotive | 5.02 | Refinancing of Earlier ECB | 2 years 8 months |
| ECB | KSH Automotive | 5.02 | Import of Capital Goods | 2 years 8 months |
| ECB | Manappuram Finance | 14.15 | On-Lending or Sub-Lending | 3 years |
| ECB | Indian Public School | 1.88 | Local Sourcing of Capital Goods (Rupee Expenditure) | 6 years |
| ECB | Vriddhigather Campaigns India | 0.27 | Working Capital/General Corporate Purpose | 8 years 1 months |
| ECB | Schneider Prototyping india | 0.23 | Working Capital/General Corporate Purpose | 8 years 5 months |
| ECB | Ahresty India | 5.66 | Import of Capital Goods | 6 years 6 months |
| ECB | Armacell India | 1.17 | Working Capital/General Corporate Purpose | 7 years 1 months |
| ECB | System Logistics India | 2.35 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Creditaccess Grameen | 12.00 | On-Lending or Sub-Lending | 3 years 1 months |
| ECB | Rajawas Pipes Mart | 9.88 | New Project | 9 years 11 months |
| ECB | Greaves Electric Mobility | 2.30 | Local Sourcing of Capital Goods (Rupee Expenditure) | 1 years |
| ECB | Air India | 36.00 | Import of Capital Goods | 7 years |
| ECB | Air India | 35.00 | Import of Capital Goods | 7 years |
| ECB | Air India | 36.00 | Import of Capital Goods | 7 years |
| ECB | Air India | 36.00 | Import of Capital Goods | 7 years |
| ECB | Air India | 36.00 | Import of Capital Goods | 7 years |
| ECB | Air India | 36.00 | Import of Capital Goods | 7 years |
| ECB | ANH Nutritional Products India | 11.32 | Working Capital/General Corporate Purpose | 5 years 2 months |
| ECB | Pladis India | 2.70 | Working Capital/General Corporate Purpose | 5 years 1 months |
| ECB | Amijag India | 0.17 | Working Capital/General Corporate Purpose | 5 years 1 months |
| ECB | Nolato Solutions India | 0.45 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Shinsung E&G | 0.22 | Working Capital/General Corporate Purpose | 5 years 1 months |
| ECB | Moomark | 10.00 | New Project | 11 years 8 months |
| ECB | Raymond UCO Denim | 0.86 | Other | 1 years |
| ECB | Kineco Exel Composites India | 0.59 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Beltecno India | 0.45 | Working Capital/General Corporate Purpose | 9 years |
| ECB | PNB Housing Finance | 125.00 | Infrastructure Development | 3 years |
| ECB | Golden Macaw Enterprises | 12.00 | New Project | 14 years 9 months |
| ECB | Ermo Molds India | 0.23 | Working Capital/General Corporate Purpose | 5 years 2 months |
| ECB | GXP Technologies India | 0.68 | Local Sourcing of Capital Goods (Rupee Expenditure) | 4 years 9 months |
| ECB | Vedika Credit Capital | 5.00 | On-Lending or Sub-Lending | 3 years |
| ECB | Fertin India | 21.00 | Local Sourcing of Capital Goods (Rupee Expenditure) | 8 years 3 months |
| ECB | Mecgate Industries | 0.14 | Local Sourcing of Capital Goods (Rupee Expenditure) | 2 years 9 months |
| ECB | Siemens Financial Services | 22.64 | On-Lending or Sub-Lending | 5 years |
| ECB | Cast Profiles | 0.65 | Import of Capital Goods | 5 years |
| ECB | Orix Leasing & Financial Services India | 11.32 | Refinancing of Rupee Loans | 5 years |
| ECB | Posco Eco & Challenge India | 0.11 | Working Capital/General Corporate Purpose | 5 years 3 months |
| ECB | Reelon Technologies | 0.30 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Hitachi Payments Services | 11.32 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 years |
| ECB | VKL Seasoning | 3.40 | Local Sourcing of Capital Goods (Rupee Expenditure) | 1 years 6 months |
| ECB | AB Mauri India | 14.59 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 years 1 months |
| ECB | Satin Creditcare Network | 15.00 | On-Lending or Sub-Lending | 4 years 9 months |
| ECB | Muthoot Microfin | 15.00 | Micro Finance Acitivity | 3 years |
| ECB | Reliance Industries | 500.00 | Import of Capital Goods | 9 years 5 months |
| ECB | Allied Moulded Enclosure Products (India) | 8.00 | New Project | 17 years 6 months |
| ECB | Purewisdom Analytics | 0.27 | Working Capital/General Corporate Purpose | 10 years |
| ECB | Interglobe Aviation | 106.00 | Import of Capital Goods | 12 years 1 months |
| ECB | Wizagrisun Krishi Inputs | 0.23 | Working Capital/General Corporate Purpose | 4 years 9 months |
| ECB | Witzenmann India | 3.52 | Working Capital/General Corporate Purpose | 7 years 9 months |
| ECB | Kunshan Q Tech Microelectronics (India) | 10.00 | Import of Capital Goods | 4 years |
| ECB | Banyan Sustainable Waste Management | 9.00 | New Project | 7 years 10 months |
| ECB | Fischer Dawnsun Tiretech | 0.12 | Working Capital/General Corporate Purpose | 5 years |
| ECB | EPTA Refrigeration India | 0.10 | New Project | 5 years |
| ECB | Homes by A&A | 0.23 | Working Capital/General Corporate Purpose | 9 years 9 months |
| ECB | Eclectic Electronic Materials | 0.20 | New Project | 8 years 6 months |
| ECB | Fusion Micro Finance | 19.50 | On-Lending or Sub-Lending | 5 years |
| ECB | India GCI Resitop | 7.59 | New Project | 13 years |
| ECB | Adventure India Journey | 0.68 | Local Sourcing of Capital Goods (Rupee Expenditure) | 8 years |
| ECB | Nichino India | 2.53 | Modernisation | 5 years |
| ECB | Topre India | 10.12 | Import of Capital Goods | 8 years |
| ECB | Topre India | 4.96 | Local Sourcing of Capital Goods (Rupee Expenditure) | 8 years |
| ECB | Tata Semiconductor Assembly and Test | 200.00 | New Project | 7 years |
| ECB | Varex Imaging Manufacturing India | 5.00 | Working Capital/General Corporate Purpose | 5 years 1 months |
| ECB | Subhlaxmi Chem | 0.36 | Working Capital/General Corporate Purpose | 10 years 4 months |
| ECB | Shinko Nameplate India | 3.38 | New Project | 5 years |
| ECB | Indian Oil Corporation | 100.00 | Refinancing of Earlier ECB | 2 years |
| ECB | First Engineering Plastics India | 1.00 | Import of Capital Goods | 7 years 1 months |
| ECB | Spica Industries | 1.00 | Working Capital/General Corporate Purpose | 5 years 3 months |
| ECB | Vigel Manufacturing Technologies | 1.76 | Working Capital/General Corporate Purpose | 11 years 3 months |
| ECB | Surface Treatment Technology | 0.68 | New Project | 5 years |
| ECB | Aarti Pharmalabs | 12.00 | New Project | 4 years 8 months |
| ECB | Crane Consulting And Outsourcing | 0.36 | Working Capital/General Corporate Purpose | 6 years |
| ECB | Maxnerva Technology Services India | 1.13 | Working Capital/General Corporate Purpose | 6 years |
| ECB | Universal Music India | 31.14 | Working Capital/General Corporate Purpose | 15 years |
| ECB | LSB Restaurants | 0.14 | Working Capital/General Corporate Purpose | 9 years 9 months |
| ECB | Mumbai International Airport | 50.00 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 years 10 months |
| ECB | Elsteel Modular Products India | 2.19 | Local Sourcing of Capital Goods (Rupee Expenditure) | 5 years 8 months |
| ECB | Blackrock Services India | 40.00 | New Project | 3 years |
| ECB | Excelsis Energy | 0.59 | Working Capital/General Corporate Purpose | 7 years |
| ECB | Novaref Ceramic Rollers | 0.56 | Working Capital/General Corporate Purpose | 8 years 9 months |
| ECB | Lubrizol Advanced Materials India | 92.70 | Refinancing of Earlier ECB | 6 years 10 months |
| ECB | Kisetsu Saison Finance (India) | 25.00 | On-Lending or Sub-Lending | 2 years 9 months |
| ECB | Armwest Miraitech India | 0.30 | Working Capital/General Corporate Purpose | 6 years 3 months |
| ECB | Harman International (India) | 43.00 | Local Sourcing of Capital Goods (Rupee Expenditure) | 2 years |
| ECB | Nagata Auto Engineering India | 0.61 | Import of Capital Goods | 5 years 6 months |
| ECB | Marquardt India | 9.39 | Working Capital/General Corporate Purpose | 7 years 7 months |
| ECB | Bycyshare Technologies | 0.97 | Working Capital/General Corporate Purpose | 10 years 10 months |
| ECB | Excite Services | 0.88 | Working Capital/General Corporate Purpose | 6 years |
| ECB | OMP India | 1.17 | Local Sourcing of Capital Goods (Rupee Expenditure) | 10 years 3 months |
| ECB | A.Tosh Ishimitsu Beverages India | 0.17 | Working Capital/General Corporate Purpose | 9 years 9 months |
| ECB | Avanse Financial Services | 50.00 | On-Lending or Sub-Lending | 3 years 6 months |
| ECB | Namdev Finvest | 8.00 | On-Lending or Sub-Lending | 3 years 10 months |
| ECB | Sprix Manabie Education | 1.01 | Working Capital/General Corporate Purpose | 10 years |
| ECB | MHP India | 1.62 | Working Capital/General Corporate Purpose | 5 years 3 months |
| FCCB | Paramount Communications | 15.00 | Modernisation | 4 years 9 months |
| ECB | Aseem Infrastructure Finance | 100.00 | On-Lending or Sub-Lending | 3 years 1 months |
| ECB | Hyundai Kefico India | 11.50 | New Project | 1 years |
| ECB | SPM Substrates | 0.12 | Modernisation | 2 years |
| ECB | Auxilo Finserve | 5.60 | On-Lending or Sub-Lending | 5 years |
| ECB | Nucor Towers & Structures India | 2.08 | Working Capital/General Corporate Purpose | 7 years 4 months |
| ECB | Taesung Electronics India | 3.00 | New Project | 8 years |
| ECB | Clevertech Packaging Automation Solutions | 2.50 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Chemco Plastic Industries | 11.00 | New Project | 6 years |
| ECB | Simem India | 0.47 | Working Capital/General Corporate Purpose | 5 years 3 months |
| ECB | Siffron Solutions | 0.71 | Local Sourcing of Capital Goods (Rupee Expenditure) | 4 years 3 months |
| ECB | Pellucere Technologies | 1.00 | Working Capital/General Corporate Purpose | 5 years |
| 2393.60 | ||||
| II APPROVAL ROUTE* | ||||
| ECB | Power Finance Corporation | 405.77 | On-Lending or Sub-Lending | 11 years 1 months |
| Approval Route Total(II) | 405.77 | |||
| Grand Total (I+II) | 2799.36 | |||
End
US$1 = INR 88.59
Reported by Pratiksha
Compiled by Mansi Patil
Edited by Ashish Shirke
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
