MoneyWireIndian cos' overseas debt rises sharply in Mar to 6-year high at $11.04 bln
Indian cos' overseas debt rises sharply in Mar to 6-year high at $11.04 bln
This story was originally published at 13:16 IST on 14 May 2025
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MUMBAI – Indian companies raised $11.04 billion through external commercial borrowings in March, the most since March 2019, data released by the Reserve Bank of India Wednesday showed. Overseas debt in March was sharply higher from February's figure of $2.82 billion, which was a one-year low.
In March, Indian companies raised $8.35 billion through the automatic route and $2.70 billion through the approval route, the data showed. JSW Steel Ltd. raised the most at $900 million in March under the automatic route, followed by JSW Neo Energy Ltd., which raised $675 million. Under the approval route, Nuclear Power Corp. of India Ltd. issued the most at $764.30 million.
Following is the full list of issuances through external commercial borrowing in March:
| I AUTOMATIC ROUTE* | ||||
| ECB/FCCB | Borrower | in mln $ | Purpose | Maturity Period in months |
| ECB | Alkimia Pharma Chem | 2.42 | Refinancing of Rupee Loans | 13 Years 7 Months |
| ECB | Axis Finance | 100.00 | On-Lending or Sub-Lending | 3 Years 1 Months |
| ECB | Feintool System Parts India | 1.14 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | SH Electronics India | 1.00 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Nilkamal | 14.16 | Modernisation | 5 Years |
| ECB | Kraftpowercon Power Products | 1.51 | Working Capital/General Corporate Purpose | 19 Years 7 Months |
| ECB | CNH Industrial Capital (India) | 25.00 | On-Lending or Sub-Lending | 4 Years |
| ECB | Nityo Infotech Services | 3.53 | Overseas Investment in JV/WOS | 6 Years |
| ECB | Dream Cove Developers | 1.10 | Working Capital/General Corporate Purpose | 6 Years |
| ECB | Yuzhan Technology (India) | 219.30 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Beltecno India | 0.69 | Working Capital/General Corporate Purpose | 9 Years |
| ECB | Petromin Auto Parts India | 0.05 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | NS Instrument India | 2.74 | Import of Capital Goods | 6 Years |
| ECB | NS Instrument India | 2.28 | Working Capital/General Corporate Purpose | 6 Years 6 Months |
| ECB | Nambu CYL India | 1.74 | New Project | 5 Years |
| ECB | Satin Creditcare Network | 100.00 | Micro Finance Activity | 3 Years 2 Months |
| ECB | ISGEC Heavy Engineering | 17.00 | Overseas Investment in JV/WOS | 4 Years |
| ECB | Truhome Finance | 100.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Tesio Cooling Systems India | 0.59 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Erum Export | 0.22 | Import of Capital Goods | 5 Years 1 Months |
| ECB | JSW Steel | 900.00 | Refinancing of Earlier ECB | 5 Years 3 Months |
| ECB | Nissei Electric India | 2.01 | Working Capital/General Corporate Purpose | 7 Years 10 Months |
| ECB | ONGC Videsh | 150.00 | Overseas Investment in JV/WOS | 7 Years |
| ECB | Pearl Polyurethane (India) | 3.00 | Working Capital/General Corporate Purpose | 15 Years 9 Months |
| ECB | Freetrend Industrial India | 39.00 | Local sourcing of capital goods (Rupee expenditure) | 5 Years 9 Months |
| ECB | Hero Fincorp | 49.39 | On-Lending or Sub-Lending | 3 Years |
| ECB | SAEL Solar MHP1 | 44.00 | New Project | 17 Years 9 Months |
| ECB | SAEL Solar MHP1 | 44.00 | New Project | 4 Years 9 Months |
| ECB | SAEL Solar MHP1 | 44.00 | New Project | 17 Years 9 Months |
| ECB | Belgotex India | 0.37 | Working Capital/General Corporate Purpose | 7 Years |
| ECB | Vibrantz Colorant Technologies India | 0.75 | Working Capital/General Corporate Purpose | 6 Years 2 Months |
| ECB | Gemu Valves India | 1.24 | Modernisation | 8 Years |
| ECB | Manappuram Finance | 28.50 | On-Lending or Sub-Lending | 3 Years |
| ECB | TVH India | 1.58 | Working Capital/General Corporate Purpose | 9 Years 7 Months |
| ECB | Teamovation Services | 0.03 | Working Capital/General Corporate Purpose | 7 Years |
| ECB | Serentica Renewables India 8 | 107.10 | New Project | 6 Years 9 Months |
| ECB | Nolato Solutions India | 0.46 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Deerfos India | 5.40 | Local sourcing of capital goods (Rupee expenditure) | 1 Years |
| ECB | Tata Power Renewable Energy | 150.00 | Local sourcing of capital goods (Rupee expenditure) | 3 Years 1 Months |
| ECB | ONGC Videsh Rovuma | 100.00 | Overseas Investment in JV/WOS | 7 Years |
| ECB | Hemas Consumer Brands India | 0.19 | Working Capital/General Corporate Purpose | 9 Years 10 Months |
| ECB | ONGC Videsh | 450.00 | Others | 5 Years |
| ECB | Edilon Sedra India | 0.21 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | L&T Finance | 90.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | SGO Biz India | 1.30 | Local sourcing of capital goods (Rupee expenditure) | 10 Years |
| ECB | XPEL India | 1.00 | Working Capital/General Corporate Purpose | 7 Years |
| ECB | Stemztech Industries | 0.23 | Local sourcing of capital goods (Rupee expenditure) | 3 Years |
| ECB | Hakki Fleet Management | 0.33 | Local sourcing of capital goods (Rupee expenditure) | 5 Years |
| ECB | Mangalore Refinery and Petrochemicals | 500.00 | Refinancing of Earlier ECB | 5 Years 6 Months |
| ECB | Power Finance Corporation | 150.31 | On-Lending or Sub-Lending | 5 Years |
| ECB | Par Formulations | 11.00 | Modernisation | 6 Years |
| ECB | Earthtree Enviro | 7.00 | Working Capital/General Corporate Purpose | 5 Years 7 Months |
| ECB | Bellmer India | 0.86 | Modernisation | 4 Years 6 Months |
| ECB | Deccan Fine Chemicals (India) | 33.06 | Refinancing of Earlier ECB | 4 Years 2 Months |
| ECB | Mcdonald's Capability Centre India | 4.96 | Local sourcing of capital goods (Rupee expenditure) | 6 Years |
| ECB | Unimoni Financial Services | 10.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Wist Water Solutions | 0.14 | Working Capital/General Corporate Purpose | 9 Years 3 Months |
| ECB | TVS Credit Services | 100.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Salcomp Technologies (India) | 25.00 | Working Capital/General Corporate Purpose | 6 Years |
| ECB | Par Active Technologies | 2.85 | Modernisation | 5 Years 8 Months |
| ECB | Hinduja Leyland Finance | 64.76 | On-Lending or Sub-Lending | 3 Years |
| ECB | Mubea Automotive Components India | 1.62 | Working Capital/General Corporate Purpose | 5 Years 9 Months |
| ECB | Maanaveeya Development & Finance | 13.85 | On-Lending or Sub-Lending | 6 Years 6 Months |
| ECB | Power Finance Corporation | 250.00 | On-Lending or Sub-Lending | 5 Years |
| ECB | Troax Safety Systems India | 1.08 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Fedbank Financial Services | 100.00 | On-Lending or Sub-Lending | 3 Years 2 Months |
| ECB | Tecnimont | 20.00 | Working Capital/General Corporate Purpose | 5 Years 3 Months |
| ECB | Amneal Pharmaceuticals | 18.00 | Modernisation | 6 Years 9 Months |
| ECB | Daiichikoutsu India | 0.20 | Working Capital/General Corporate Purpose | 10 Years |
| ECB | HBE F & M India | 0.75 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Polimiroir India | 2.70 | New Project | 21 Years 8 Months |
| ECB | Cosmosafe Healthcare | 10.00 | Working Capital/General Corporate Purpose | 10 Years |
| ECB | Huliot Pipes & Fittings | 0.76 | Working Capital/General Corporate Purpose | 7 Years 9 Months |
| ECB | Ryonan Electric India | 0.11 | Import of Capital Goods | 5 Years |
| ECB | Hero Fincrop | 14.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Bajaj Auto Credit | 120.00 | On-Lending or Sub-Lending | 4 Years |
| ECB | Mavnu Investments | 199.67 | Overseas Investment in JV/WOS | 5 Years |
| ECB | SMFG India Home Finance Company | 50.00 | On-Lending or Sub-Lending | 3 Years 3 Months |
| ECB | N-Drip India | 0.71 | Working Capital/General Corporate Purpose | 6 Years 6 Months |
| ECB | MK Tron Autoparts | 1.15 | Working Capital/General Corporate Purpose | 6 Years |
| ECB | Wandfluh India | 0.11 | Working Capital/General Corporate Purpose | 7 Years |
| ECB | L&T Finance | 125.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Haitian Laser Cutting Machinery India | 0.50 | Working Capital/General Corporate Purpose | 11 Years 6 Months |
| ECB | Streparav India | 3.24 | New Project | 6 Years 2 Months |
| ECB | Samunnati Finance | 2.50 | On-Lending or Sub-Lending | 3 Years |
| ECB | Sabb Brewery India | 0.31 | Working Capital/General Corporate Purpose | 8 Years 11 Months |
| ECB | Kisetsu Saison Finance (India) | 175.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Piramal Capital And Housing Finance | 200.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Kisetsu Saison Finance (India) | 24.68 | On-Lending or Sub-Lending | 3 Years |
| ECB | Indian Oil Corporation | 400.00 | Refinancing of Earlier ECB | 3 Years 1 Months |
| ECB | Tofflon (India) | 2.00 | Working Capital/General Corporate Purpose | 7 Years |
| ECB | BCE Global Technology Centre | 6.96 | Working Capital/General Corporate Purpose | 5 Years 7 Months |
| ECB | Deer Smart India | 1.77 | Working Capital/General Corporate Purpose | 5 Years 2 Months |
| ECB | Lifewear Technologies India | 2.00 | Working Capital/General Corporate Purpose | 5 Years 6 Months |
| ECB | Fibro Rotary Tables India | 0.54 | Working Capital/General Corporate Purpose | 6 Years 9 Months |
| ECB | Credila Financial Services | 135.00 | On-Lending or Sub-Lending | 5 Years |
| ECB | Tata Semiconductor Manufcaturing | 625.00 | New Project | 6 Years |
| ECB | Aditya Birla Finance | 100.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Tata Semiconductor Manufcaturing | 124.01 | New Project | 6 Years |
| ECB | Kisetsu Saison Finance (India) | 100.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Housing and Urban Development Corporation | 201.10 | On-Lending or Sub-Lending | 5 Years |
| ECB | Biophore India Pharmaceuticals | 4.12 | Modernisation | 6 Years |
| ECB | JSW NEO Energy | 675.00 | Overseas Investment in JV/WOS | 5 Years |
| ECB | Magnetic Analysis India | 0.49 | Working Capital/General Corporate Purpose | 8 Years 8 Months |
| ECB | Tdconnex (Chennai) | 3.92 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | 31 Parallel IT & BPO Solutions | 0.10 | Working Capital/General Corporate Purpose | 14 Years 3 Months |
| ECB | Save Max Global Eduction | 0.62 | Refinancing of Rupee Loans | 7 Years |
| ECB | Vedanta | 75.00 | Refinancing of Earlier ECB | 4 Years |
| ECB | Calumite India | 1.50 | Working Capital/General Corporate Purpose | 11 Years 9 Months |
| ECB | Certoplast India | 2.48 | New Project | 11 Years 6 Months |
| ECB | Joongwon E&C | 0.34 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Paul Resorts & Hotels | 2.00 | Refinancing of Rupee Loans | 13 Years 11 Months |
| ECB | Bellsonica Auto Component India | 54.97 | Working Capital/General Corporate Purpose | 10 Years |
| ECB | Maithon Gemstar Smart Metering Projects | 1.90 | New Project | 8 Years |
| ECB | Aditya Birla Finance | 100.00 | On-Lending or Sub-Lending | 3 Years 3 Months |
| ECB | SMFG India Credit Company | 50.00 | On-Lending or Sub-Lending | 3 Years 3 Months |
| ECB | Kemira Chemicals (India) | 0.22 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Avanse Financial Services | 10.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Tonosummer West India | 0.20 | Working Capital/General Corporate Purpose | 11 Years 6 Months |
| ECB | Rheonik Flow Measurement India | 1.85 | New Project | 4 Years 8 Months |
| ECB | Shuhari Tech Ventures | 3.00 | Working Capital/General Corporate Purpose | 10 Years 5 Months |
| ECB | EGDK India | 0.85 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Actega India | 0.62 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Hero Fincorp | 250.00 | On-Lending or Sub-Lending | 5 Years |
| ECB | Indalium Metal Products | 70.00 | Working Capital/General Corporate Purpose | 13 Years 6 Months |
| ECB | Sarens Heavy Lift India | 42.23 | Working Capital/General Corporate Purpose | 5 Years 3 Months |
| ECB | Aqilea Softech | 0.22 | Working Capital/General Corporate Purpose | 5 Years 6 Months |
| ECB | Lifewear Technologies India | 2.00 | New Project | 3 Years 5 Months |
| ECB | Aisin Automotive Haryana | 4.62 | Working Capital/General Corporate Purpose | 7 Years |
| ECB | Adipro India | 0.78 | Local sourcing of capital goods (Rupee expenditure) | 14 Years |
| ECB | Wholesome Habits | 3.46 | Working Capital/General Corporate Purpose | 6 Years |
| ECB | Mubea Global IT Service Centre India | 2.16 | Working Capital/General Corporate Purpose | 5 Years 9 Months |
| ECB | FTG Aerospace Hyderabad | 1.04 | Import of Capital Goods | 6 Years 3 Months |
| ECB | Raks Pharma | 5.50 | Modernisation | 6 Years 6 Months |
| ECB | Hawle Valves India | 11.06 | New Project | 8 Years 9 Months |
| ECB | Chromogenic Life Sciences (India) | 0.10 | Working Capital/General Corporate Purpose | 7 Years 9 Months |
| ECB | Nissan Renault Financial Services India | 23.33 | On-Lending or Sub-Lending | 3 Years |
| ECB | Bodor Laser India | 5.00 | Working Capital/General Corporate Purpose | 7 Years 10 Months |
| ECB | ZS Operations Center | 2.40 | Local sourcing of capital goods (Rupee expenditure) | 7 Years |
| ECB | Daiichi Fasteners India | 15.42 | Working Capital/General Corporate Purpose | 10 Years |
| ECB | Cigna Health Solutions India | 14.89 | Working Capital/General Corporate Purpose | 7 Years 8 Months |
| ECB | Poonawalla Fincorp | 150.00 | On-Lending or Sub-Lending | 3 Years 2 Months |
| 8346.20 | ||||
| II APPROVAL ROUTE* | ||||
| ECB | Rocket Software Development India | 9.96 | Working Capital/General Corporate Purpose | 20 Years |
| ECB | Interglobe Aviation | 111.03 | Import of Capital Goods | 12 Years 1 Months |
| ECB | Interglobe Aviation | 106.00 | Import of Capital Goods | 12 Years |
| ECB | HDB Financial Services | 50.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Nuclear Power Corporation of India | 101.22 | New Project | 5 Years |
| ECB | Nuclear Power Corporation of India | 511.80 | New Project | 5 Years |
| ECB | Bajaj Finance | 75.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Power Finance Corporation | 250.60 | On-Lending or Sub-Lending | 5 Years |
| ECB | Bajaj Finance | 140.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Cholamandalam Investment and Finance Company | 12.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Housing and Urban Development Corporation | 335.17 | On-Lending or Sub-Lending | 5 Years |
| ECB | Cholamandalam Investment and Finance Company | 242.84 | On-Lending or Sub-Lending | 3 Years |
| ECB | Power Finance Corporation | 100.00 | On-Lending or Sub-Lending | 5 Years |
| ECB | Muthoot Finance | 400.00 | On-Lending or Sub-Lending | 4 Years 1 Months |
| ECB | HDB Financial Services | 100.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Nuclear Power Corporation of India | 50.06 | New Project | 5 Years |
| ECB | Nuclear Power Corporation of India | 101.22 | New Project | 5 Years |
| Approval Route Total(II) | 2696.91 | |||
| Grand Total (I+II) | 11043.11 | |||
End
US$1 = INR 85.3800
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Gowri Lakshmi
Compiled by Mansil Patil
Edited by Subhojit Sarkar
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