EquityWireExternal commercial borrowing by Indian cos $4.6 bln in Feb vs $5.3 bln Jan
External commercial borrowing by Indian cos $4.6 bln in Feb vs $5.3 bln Jan
This story was originally published at 19:38 IST on 20 April 2026
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--RBI: Indian cos raised $4.60 bln via external commercial borrowing in Feb
MUMBAI – Indian companies raised $4.60 billion through external commercial borrowings and foreign currency convertible bonds in February, data released by the Reserve Bank of India Monday showed. The external borrowings in February were $730 million lower than in January.
This is the first month-on-month fall in external borrowing in three months. Indian companies had raised $2.40 billion in November, $4.44 billion in December and $5.33 billion in January.
Of the $4.60 billion raised in February, $4.20 billion came through the automatic route. Tata Power Renewable Energy Ltd. was the biggest borrower through this method in February, raising $550 million for local sourcing of capital goods for a three-year, five-month tenure.
Hydropower company ABC CT RE Park (01) Pvt. Ltd. raised $486.00 million for infrastructure development over a tenure of 7 years and 1 month. Manappuram Finance Ltd. raised $300 million for a four-year tenure for on-lending.
Piramal Finance Ltd. raised $200 million each for a tenure of three years and three years and six months through the approval route in February.
Following is the full list of issuances through external commercial borrowing in February:
| I AUTOMATIC ROUTE* | ||||
| ECB/FCCB | Borrower | in mln $ | Purpose | Maturity Period in months |
| ECB | Ionbond Coatings | 1.20 | Working Capital/General Corporate Purpose | 14 Years 2 Months |
| ECB | Aryadhan Financial Solutions | 5.92 | On-Lending or Sub-Lending | 3 Years |
| ECB | Computacenter India | 8.53 | Working Capital/General Corporate Purpose | 7 Years 2 Months |
| ECB | Serentica Renewables India 1 | 270.10 | Refinancing of Rupee Loans | 10 Years 1 Months |
| ECB | SBFC Finance | 50.00 | On-Lending or Sub-Lending | 4 Years |
| ECB | Vistacore Materials | 0.05 | Working Capital/General Corporate Purpose | 6 Years 7 Months |
| ECB | Renew Vyoman Power | 40.00 | New Project | 21 Years 6 Months |
| ECB | Renew Vyoman Power | 50.00 | New Project | 21 Years 6 Months |
| ECB | Renew Vyoman Power | 97.23 | New Project | 21 Years 6 Months |
| ECB | Renew Vyoman Power | 217.96 | New Project | 21 Years 6 Months |
| ECB | Bajaj Finance | 75.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Staubli Tec Systems India | 4.02 | Import of Capital Goods | 4 Years |
| ECB | Mars International India | 29.58 | Working Capital/General Corporate Purpose | 13 Years 5 Months |
| ECB | Uflex | 35.39 | Import of Capital Goods | 12 Years 6 Months |
| ECB | Godrej Finance | 50.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Renew Green (GJ Five) | 14.50 | On-Lending or Sub-Lending | 5 Years 3 Months |
| ECB | Ostro Energy | 42.32 | On-Lending or Sub-Lending | 5 Years 3 Months |
| ECB | Renew Saur Shakti | 62.49 | On-Lending or Sub-Lending | 5 Years 3 Months |
| ECB | Renew Mega Solar Power | 46.95 | On-Lending or Sub-Lending | 5 Years 3 Months |
| ECB | Helios Infratech | 57.09 | On-Lending or Sub-Lending | 5 Years 3 Months |
| ECB | Manappuram Finance | 300.00 | On-Lending or Sub-Lending | 4 Years |
| ECB | Bati North India | 0.89 | Working Capital/General Corporate Purpose | 9 Years 4 Months |
| ECB | Eao India | 0.36 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | TESCOM Wireless India | 2.00 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | CSA India | 4.73 | New Project | 10 Years 11 Months |
| ECB | Sekisui DLJM Molding | 2.91 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 Years 2 Months |
| ECB | Elexiq Technologies | 0.23 | Working Capital/General Corporate Purpose | 5 Years 2 Months |
| ECB | Nomia AI Procurement Systems | 0.27 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Substrate Manufacturing India | 4.50 | New Project | 10 Years 4 Months |
| ECB | Akara Capital Advisors | 0.50 | On-Lending or Sub-Lending | 3 Years |
| ECB | Manappuram Finance | 200.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Meraksigma HVAC India | 4.02 | Working Capital/General Corporate Purpose | 5 Years 6 Months |
| ECB | Jworld Electronics India | 0.50 | Working Capital/General Corporate Purpose | 5 Years 8 Months |
| ECB | Bigbox Packaging Products | 0.37 | Working Capital/General Corporate Purpose | 6 Years |
| ECB | Kabelschlepp India | 1.77 | Working Capital/General Corporate Purpose | 6 Years 4 Months |
| ECB | Tristone Flowtech India | 2.60 | New Project | 5 Years 3 Months |
| ECB | IIFL Home Finance | 150.00 | On-Lending or Sub-Lending | 8 Years 6 Months |
| ECB | Enertics India | 0.11 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Sandvik India Innovations | 2.53 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 Years |
| ECB | IIFL Home Finance | 150.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Renew Solar Power | 69.44 | On-Lending or Sub-Lending | 5 Years 3 Months |
| ECB | Martin-Baker India | 0.33 | Working Capital/General Corporate Purpose | 9 Years 8 Months |
| ECB | SEI Technology Services India | 3.00 | Local Sourcing of Capital Goods (Rupee Expenditure) | 5 Years |
| ECB | SABB Brewery India | 0.21 | Working Capital/General Corporate Purpose | 13 Years 1 Months |
| ECB | Hyundai Kefico India | 20.01 | New Project | 1 Years |
| ECB | Fedbank Financial Services | 50.00 | On-Lending or Sub-Lending | 3 Years 1 Months |
| ECB | Dr. Schumacher India | 0.30 | Working Capital/General Corporate Purpose | 7 Years 2 Months |
| ECB | Husk Power Systems | 2.00 | Working Capital/General Corporate Purpose | 5 Years 10 Months |
| ECB | Sungwoo Hitech Pune | 17.75 | Import of Capital Goods | 5 Years |
| ECB | Extreme Infocom | 33.06 | Local Sourcing of Capital Goods (Rupee Expenditure) | 9 Years 10 Months |
| ECB | Castolin Eutectic India | 0.12 | Import of Capital Goods | 4 Years 11 Months |
| ECB | Eclectic Electronic Materials | 0.25 | New Project | 9 Years 1 Months |
| ECB | Toyotetsu India Auto Parts | 12.54 | Modernisation | 7 Years |
| ECB | Fedbank Financial Services | 50.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Sodick Technologies India | 2.58 | Working Capital/General Corporate Purpose | 14 Years 11 Months |
| ECB | Tata Power Renewable Energy | 550.00 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 Years 5 Months |
| ECB | Tata Capital | 150.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Thundersoft India | 0.50 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Lyric Exponentials India | 0.75 | Local Sourcing of Capital Goods (Rupee Expenditure) | 5 Years |
| ECB | Trainvac Systems India | 0.11 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Hakki Fleet Management | 0.97 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Topre India . | 2.01 | Local Sourcing of Capital Goods (Rupee Expenditure) | 7 Years 10 Months |
| ECB | JC (India OS) | 2.85 | Working Capital/General Corporate Purpose | 6 Years |
| ECB | Envea India | 9.47 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Columbia Shipmanagement (India) | 1.50 | Working Capital/General Corporate Purpose | 6 Years |
| ECB | Perrin Valves | 0.15 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | O-Well India Coatings & Electronics | 0.22 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Fohoway India | 0.05 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Minor Food (India) | 0.97 | Modernisation | 5 Years 4 Months |
| ECB | Meva Formwork Systems | 0.65 | Working Capital/General Corporate Purpose | 7 Years 11 Months |
| ECB | H&V Advanced Materials (India) | 3.00 | Modernisation | 12 Years 4 Months |
| ECB | Abbvie Healthcare India | 9.00 | Working Capital/General Corporate Purpose | 6 Years |
| ECB | Panasonic Automotive Systems India | 2.26 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Forvis Mazars Business Services India | 1.89 | Modernisation | 4 Years 10 Months |
| ECB | Mavrider Services | 21.33 | Local Sourcing of Capital Goods (Rupee Expenditure) | 6 Years 1 Months |
| ECB | Kai Manufacturing India | 1.40 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | BMW India Financial Services . | 236.65 | On-Lending or Sub-Lending | 5 Years 1 Months |
| ECB | Kona Bay India | 0.31 | Working Capital/General Corporate Purpose | 7 Years 4 Months |
| ECB | JEH Aerospace | 3.50 | Import of Capital Goods | 5 Years 4 Months |
| ECB | G2.com India | 8.17 | Modernisation | 5 Years |
| ECB | Eclat Health Solutions (India) | 53.12 | Overseas Investments in JV/ WOS | 5 Years |
| ECB | Jitech India | 2.00 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Ampin Energy Green (C&I) Four | 3.00 | New Project | 3 Years 6 Months |
| ECB | Avary Technology (India) | 5.00 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Semitec Electronics India | 0.61 | Working Capital/General Corporate Purpose | 5 Years 10 Months |
| ECB | Peters Surgical India | 0.68 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Sheffield And Vermark Consultants | 1.50 | Working Capital/General Corporate Purpose | 5 Years 6 Months |
| ECB | Changsung Component India | 0.30 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | BG-Graspointner (India) | 0.13 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Soken India | 2.45 | New Project | 5 Years 10 Months |
| ECB | High Tech Special Rubber | 0.30 | Working Capital/General Corporate Purpose | 5 Years 2 Months |
| ECB | E-Fly Electronics | 0.26 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Siemens Financial Services | 11.02 | On-Lending or Sub-Lending | 5 Years |
| ECB | Renew Vyoman Power | 48.64 | New Project | 21 Years 6 Months |
| ECB | Adani Ports and Special Economic Zone . | 5.00 | Refinancing of Earlier ECB | 1 Years 6 Months |
| ECB | KAN Biosys | 3.05 | New Project | 5 Years |
| ECB | Mol Logistics (India) | 0.70 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | ABC CT RE Park (01) | 486.00 | Infrastructure Development | 7 Years 1 Months |
| ECB | Delval Flow Controls | 3.35 | Modernisation | 5 Years |
| ECB | Anupam Rasayan India | 30.00 | Overseas Investments in JV/ WOS | 6 Years |
| ECB | Angara Jewels | 2.00 | Refinancing of Rupee Loans | 5 Years 8 Months |
| ECB | ABC CT RE Park (01) | 109.00 | Infrastructure Development | 6 Years 9 Months |
| ECB | Lloyds Metals And Energy | 30.00 | Overseas Investments in JV/ WOS | 7 Years 3 Months |
| ECB | Polytec Metrology India | 0.89 | Import of Capital Goods | 8 Years 10 Months |
| ECB | Sampurna Financial Services | 0.47 | Micro Finance Activity | 4 Years |
| ECB | Axchem Solutions India | 2.00 | Working Capital/General Corporate Purpose | 5 Years 5 Months |
| ECB | Blackstone COE India | 64.04 | New Project | 10 Years |
| ECB | Avanse Financial Services | 12.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Ortholite India | 2.00 | Working Capital/General Corporate Purpose | 7 Years 4 Months |
| ECB | Sahrudaya Health-Care | 3.86 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Norse Brands | 0.11 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Hazelbloom Accounting Services | 0.01 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Mol (India) | 43.20 | New Project | 4 Years 10 Months |
| ECB | Gadre Marine Export | 1.50 | Overseas Investments in JV/ WOS | 4 Years 9 Months |
| ECB | SGB Brandsafway | 11.90 | Import of Capital Goods | 9 Years 10 Months |
| 4196.02 | ||||
| II APPROVAL ROUTE* | ||||
| ECB | Piramal Finance | 200.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Piramal Finance | 200.00 | On-Lending or Sub-Lending | 3 Years 6 Months |
| Approval Route Total(II) | 400.00 | |||
| Grand Total (I+II) | 4596.02 | |||
End
US$1 = INR 93.1275
Reported by Janwee Prajapati
Compiled by Mansi Patil
Edited by Saji George Titus
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