EquityWireIndian cos' May external commercial borrowings $4.74 bln, up 73% YoY
Indian cos' May external commercial borrowings $4.74 bln, up 73% YoY
This story was originally published at 13:42 IST on 14 July 2026
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--RBI: Indian cos raised $4.74 bln via external commercial borrowing in May
MUMBAI – Indian companies raised $4.74 billion in May through external commercial borrowings and foreign currency convertible bonds, up 73% on year, data released by the Reserve Bank of India Tuesday showed.
External commercial borrowings in May were around $970 million lower than in April. The entire $4.74 billion raised in the month was under general permission, the RBI said. Indian Railway Finance Corp. Ltd. was the biggest borrower, raising $1.11 billion for lending or sub-lending. The tenure was five years. NTPC Ltd. was the second-largest borrower, raising $750 million for infrastructure development with a maturity period of 10 years and two months.
Other large borrowers were REC Ltd., which raised $300 million in a four-year-one-month tenure to refinance overseas borrowing, Muthoot Fincorp Ltd., which raised $200 million for on-lending or sub-lending for three years, NLC Indian Ltd., which raised $116.80 million for six years 11 months, according to the RBI release.
Following is the full list of issuances through external commercial borrowing in May:
| II General Permission* | ||||
| ECB/FCCB | Borrower | in mln $ | Purpose | Maturity Period in months |
| ECB | Sysarc Infomatix | 0.27 | Working Capital | 5 Years 3 Months |
| ECB | Sysarc Infomatix | 0.25 | Working Capital | 5 Years 1 Months |
| ECB | Aster DM Healthcare | 0.39 | Import of Capital Goods | 5 Years 1 Months |
| ECB | Hongyang Industry (India) | 1.50 | Working Capital | 9 Years 8 Months |
| ECB | Alpargatas India Fashions | 0.20 | Working Capital | 5 Years 3 Months |
| ECB | Ilcha Global Impex Solutions | 0.03 | Working Capital | 10 Years |
| ECB | Ampin Energy Green (C&I) Four | 3.00 | New Project | 3 Years 3 Months |
| ECB | Soti Kochi India | 30.00 | Working Capital | 19 Years |
| ECB | Interis India | 1.57 | Working Capital | 3 Years |
| ECB | Manikstu Agro | 0.23 | Working Capital | 4 Years 7 Months |
| ECB | Taara Technology India | 0.85 | Working Capital | 5 Years |
| ECB | Tiong Woon Project & Contracting (India) | 5.10 | Working Capital | 7 Years |
| ECB | TDConnex (Chennai) | 2.95 | Import of Capital Goods | 5 Years 2 Months |
| ECB | Lucinova India | 0.22 | Working Capital | 5 Years |
| ECB | Wizzmoni Financial Services | 40.00 | On-Lending or Sub-Lending | 3 Years 1 Months |
| ECB | HCM Advisory Services India | 0.07 | Working Capital | 7 Years 2 Months |
| ECB | Beltecno India | 0.94 | Working Capital | 12 Years |
| ECB | Alpinestars India | 0.53 | Working Capital | 3 Years 9 Months |
| ECB | Kisetsu Saison Finance (India) | 59.14 | On-Lending or Sub-Lending | 3 Years |
| ECB | Kisetsu Saison Finance (India) | 340.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | 2 Sigma Solutions LLP | 100.00 | New Project | 15 Years 1 Months |
| ECB | 2022 Es Discovery India | 5.75 | Working Capital | 5 Years |
| ECB | Beverly Hills Polo Club Lifestyles | 2.50 | Working Capital | 7 Years 7 Months |
| ECB | Doosan Power Systems India | 34.73 | Working Capital | 5 Years |
| ECB | Inno Biotech India | 0.03 | Working Capital | 6 Years 1 Months |
| ECB | Actia Automotive India | 0.08 | General Corporate Purpose | 7 Years |
| ECB | Tata Capital | 50.24 | On-Lending or Sub-Lending | 3 Years |
| ECB | Takasago International India . | 3.50 | Working Capital | 10 Years |
| ECB | Ajinomoto India | 1.57 | Working Capital | 5 Years |
| ECB | Arizest Pharma (India) | 10.00 | Modernisation / Expansion of Existing Units | 6 Years 7 Months |
| ECB | Muthoot Fincorp Ltd | 200.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | REC | 300.00 | Refinancing of Existing ECB | 4 Years 1 Months |
| ECB | Hyundai Polytech India Private Ltd. | 1.70 | New Project | 3 Years 2 Months |
| ECB | Kitagawa Technology India | 0.63 | Local Sourcing of Capital Goods | 10 Years |
| ECB | Innomotics India | 103.56 | New Project | 14 Years 4 Months |
| ECB | Changsung Component India | 0.30 | Working Capital | 3 Years |
| ECB | Groupe SEB India | 18.83 | Refinancing of Rupee Loans | 5 Years |
| ECB | Haitian Plastics Machinery India | 22.18 | Modernisation / Expansion of Existing Units | 3 Years |
| ECB | Haworth India | 10.30 | New Project | 7 Years 11 Months |
| ECB | SKF Engineering and Technologies Automotive India | 1.12 | General Corporate Purpose | 3 Years |
| ECB | Computacenter India | 10.73 | Working Capital | 5 Years 2 Months |
| ECB | Klk Oleo India | 1.50 | Working Capital | 3 Years |
| ECB | Equinix India | 240.00 | Modernisation / Expansion of Existing Units | 9 Years 7 Months |
| ECB | Worldwide Small Diamonds Manufacturing | 0.30 | General Corporate Purpose | 5 Years |
| ECB | RIX India Manufacturing | 0.28 | Working Capital | 1 Years |
| ECB | NLC India | 116.80 | On-Lending or Sub-Lending | 6 Years 11 Months |
| ECB | Star Concord India | 0.30 | General Corporate Purpose | 3 Years 6 Months |
| ECB | Owari Precision Products (India) | 2.90 | Working Capital | 6 Years 11 Months |
| ECB | Owari Precision Products (India) | 4.06 | Import of Capital Goods | 6 Years 10 Months |
| ECB | Toyo INK India | 4.47 | Modernisation / Expansion of Existing Units | 5 Years |
| ECB | Colmar Vandhana India | 0.05 | Working Capital | 4 Years 11 Months |
| ECB | Ratnamani Finow Spooling Solutions | 2.34 | Import of Capital Goods | 3 Years 11 Months |
| ECB | Revantage Global Services India | 23.76 | Modernisation / Expansion of Existing Units | 4 Years 7 Months |
| ECB | Ingka Centres India | 104.61 | Construction-Development (Commercial) | 7 Years |
| ECB | NTPC | 750.00 | Construction-Development (Infrastructure) | 10 Years 2 Months |
| ECB | Jeumont Electric India | 0.58 | Working Capital | 3 Years 1 Months |
| ECB | Meload Works | 9.00 | Construction-Development (Industrial) | 9 Years 4 Months |
| ECB | Cunado India Project Services | 0.15 | General Corporate Purpose | 3 Years |
| ECB | Innohub Infra Development | 0.35 | Refinancing of Rupee Loans | 10 Years |
| ECB | Alpitronic India | 2.92 | Working Capital | 5 Years 7 Months |
| ECB | Harsha-Eastern Trading | 0.14 | Working Capital | 5 Years 11 Months |
| ECB | JJ Inoutex | 0.06 | Working Capital | 7 Years 6 Months |
| ECB | Neemrana steel service center India | 1.87 | Working Capital | 1 Years 1 Months |
| ECB | Wago | 23.36 | Modernisation / Expansion of Existing Units | 5 Years |
| ECB | Blue Planet E-Waste Solutions | 6.00 | Refinancing of Rupee Loans | 3 Years |
| ECB | Axirium Aerospace | 1.33 | Import of Capital Goods | 6 Years 2 Months |
| ECB | Oppermann Webbing India | 1.17 | Working Capital | 6 Years 11 Months |
| ECB | Wizzmoni Financial Services | 27.92 | On-Lending or Sub-Lending | 3 Years |
| ECB | Perkins Eastman Design Consultants India | 0.13 | Working Capital | 10 Years |
| ECB | Icam Solution | 0.31 | Import of Capital Goods | 5 Years |
| ECB | Icam Solution | 0.08 | Import of Capital Goods | 5 Years |
| ECB | Mercuri Urval Business Consulting | 0.34 | Working Capital | 6 Years |
| ECB | Kira Diam Tech | 24.00 | Working Capital | 5 Years 5 Months |
| ECB | GEMS Education Solutions India | 11.57 | Working Capital | 6 Years |
| ECB | Seed Engineering Consultants | 0.11 | Working Capital | 7 Years 10 Months |
| ECB | Refratechnik (India) | 3.50 | Working Capital | 5 Years |
| ECB | Wangda Technologies | 4.30 | Working Capital | 9 Years |
| ECB | Esyasoft Technologies | 5.00 | Working Capital | 4 Years 8 Months |
| ECB | Cattini Power Transmission | 0.35 | Working Capital | 7 Years 6 Months |
| ECB | Global Engine Maintenance India | 1.65 | Import of Capital Goods | 8 Years 1 Months |
| ECB | Satin Creditcare Network | 20.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Stemztech Industries | 0.12 | Working Capital | 3 Years |
| ECB | John Distilleries | 7.85 | Modernisation / Expansion of Existing Units | 4 Years 7 Months |
| ECB | Global Tunnelling Experts India | 0.12 | Working Capital | 3 Years 1 Months |
| ECB | Cleanergy Tech Solutions | 0.15 | Working Capital | 4 Years 5 Months |
| ECB | Vadodara Gas | 4.60 | Refinancing of Rupee Loans | 6 Years 8 Months |
| ECB | Nova Carbons India | 6.00 | New Project | 8 Years 10 Months |
| ECB | Kisetsu Saison Finance (India) | 100.00 | On-Lending or Sub-Lending | 5 Years 3 Months |
| ECB | IKF Home Finance | 5.00 | On-Lending or Sub-Lending | 5 Years 6 Months |
| ECB | Piramal Finance | 25.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Uchimura India | 0.37 | Working Capital | 5 Years |
| ECB | Aida India | 1.50 | Construction-Development (Infrastructure) | 5 Years |
| ECB | Yusen Logistics (India) | 5.48 | Local Sourcing of Capital Goods | 4 Years 10 Months |
| ECB | Precitec India | 0.86 | Working Capital | 10 Years 5 Months |
| ECB | Earlyfit Health | 9.41 | Working Capital | 4 Years 7 Months |
| ECB | Kalintis Healthcare | 0.50 | Working Capital | 3 Years 2 Months |
| ECB | Cravers Berg Technologies | 0.02 | Working Capital | 1 Years 6 Months |
| ECB | Takeru Gomu Andjmx | 0.63 | General Corporate Purpose | 12 Years |
| ECB | Thaai Casting | 2.23 | Import of Capital Goods | 5 Years 5 Months |
| ECB | Choice Finserv | 4.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Shree Nilkanth Skyler LLP | 0.11 | Construction-Development (Infrastructure) | 3 Years |
| ECB | Xpolarity Technologies | 0.30 | Working Capital | 6 Years 7 Months |
| ECB | Reach52 | 0.65 | Working Capital | 5 Years 1 Months |
| ECB | Kinesis Semiconductor Wire Solutions India | 0.60 | Local Sourcing of Capital Goods | 5 Years 1 Months |
| ECB | Surface Treatment Technology | 1.96 | Working Capital | 8 Years |
| ECB | Friar Service India | 5.95 | Others (Specify) | 3 Years |
| ECB | Indian Railway Finance Corporation | 1105.45 | On-Lending or Sub-Lending | 5 Years |
| ECB | Luceo Solar | 26.69 | New Project | 21 Years 10 Months |
| ECB | Haane Welding Systems India | 0.25 | Others (Specify) | 9 Years 10 Months |
| ECB | Schwihag India | 2.34 | Purchase, Sale or Lease of Land (Industrial) | 7 Years 2 Months |
| ECB | Payroute India | 0.16 | Working Capital | 5 Years |
| ECB | Omis India Cranes & Handling | 0.12 | Working Capital | 5 Years |
| ECB | WM Thermoforming Machines India | 0.35 | Working Capital | 3 Years |
| ECB | Infopark Properties | 180.00 | Refinancing of Rupee Loans | 3 Years |
| ECB | Amneal Healthcare | 5.00 | Working Capital | 5 Years 10 Months |
| ECB | Maplan India | 0.35 | Working Capital | 5 Years 1 Months |
| ECB | Marian Component Technology (India) | 5.00 | Working Capital | 4 Years 4 Months |
| ECB | SKB Retail India | 0.45 | Import of Capital Goods | 3 Years 4 Months |
| ECB | Empire Stone Energy | 26.98 | Construction-Development (Residential) | 6 Years 11 Months |
| ECB | Sushaksh Solutions India | 0.54 | Working Capital | 5 Years |
| ECB | Elettra Tech Labs | 0.03 | Working Capital | 4 Years 10 Months |
| ECB | Hubner Interface Systems India | 4.90 | Working Capital | 5 Years 7 Months |
| ECB | Ceylon Beverage Can | 25.00 | Import of Capital Goods | 7 Years 6 Months |
| ECB | Microport Scientific India | 2.25 | General Corporate Purpose | 5 Years 7 Months |
| ECB | Barranquesa India | 0.93 | Working Capital | 10 Years 1 Months |
| ECB | Nedspice Processing India | 1.16 | Local Sourcing of Capital Goods | 8 Years 4 Months |
| ECB | Adani Airport Holdings | 100.00 | Modernisation / Expansion of Existing Units | 5 Years |
| ECB | Adani Ports and Special Economic Zone (APSEZL) | 100.00 | Refinancing of Rupee Loans | 3 Years |
| ECB | Muenzer Bharat | 1.99 | Working Capital | 8 Years 7 Months |
| ECB | NBI India | 1.73 | New Project | 10 Years |
| ECB | Daina Machinery India | 0.13 | Working Capital | 5 Years 5 Months |
| ECB | Herrenknecht India | 10.46 | New Project | 6 Years 3 Months |
| ECB | Forming India | 1.21 | Import of Capital Goods | 6 Years 9 Months |
| ECB | Dabico Airport Solutions India | 3.00 | General Corporate Purpose | 3 Years 1 Months |
| ECB | Global Vectra Helicorp | 1.50 | Working Capital | 7 Years 10 Months |
| ECB | Aerometals India | 2.34 | Working Capital | 6 Years 11 Months |
| ECB | Avana Logistek | 80.00 | Local Sourcing of Capital Goods | 6 Years 11 Months |
| ECB | Unimig Welding | 0.72 | Working Capital | 4 Years 10 Months |
| ECB | Mitsumi Distribution | 5.00 | Working Capital | 5 Years |
| ECB | Hinduja Leyland Finance | 75.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Samwon Mould India | 0.90 | Construction-Development (Industrial) | 4 Years 9 Months |
| ECB | Kumar Precision Stampings | 18.35 | Working Capital | 1 Years |
| Total | 4,736.19 | |||
| II Special Permission* | ||||
| Nil | -- | -- | -- | |
| Approval Route Total (II) | 0.00 | |||
| Grand Total (I+II) | 4,736.19 | |||
*Based on applications for Rupee Denominated Bond which have been allotted loan registration number during the period.
End
US$1 = INR 96.17
Reported by J. Navya Sruthi
Compiled by Madhuri Pawar
Edited by Akul Nishant Akhoury
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