MoneyWireIndian cos raise $2.40 bln via external commercial borrowing in November
Indian cos raise $2.40 bln via external commercial borrowing in November
This story was originally published at 16:38 IST on 21 January 2026
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--RBI: Indian cos raised $2.40 bln via external commercial borrowing in Nov
NEW DELHI – Indian companies raised $2.40 billion through external commercial borrowings in November, data released by the Reserve Bank of India Wednesday showed. The quantum of total ECB borrowings rose for the first time in five months. Indian companies had raised $2.21 billion in October.
Of the total, Indian companies raised $2.24 billion through the automatic route in November, with ONGC Videsh Ltd. the largest borrower at $500 million. The company raised money for the extraction of crude petroleum and natural gas. Hindustan Petroleum Corp. Ltd. was the second largest borrower at $450 million.
The amount raised through the approval route was $159 million. Interglobe Aviation Ltd., which operates passenger airline IndiGo, was the only company to raise money through the approval route in November.
Following is the full list of issuances through external commercial borrowing in November:
| I AUTOMATIC ROUTE* | ||||
| ECB/FCCB | Borrower | in mln $ | Purpose | Maturity Period in months |
| ECB | General Motors India | 3.15 | Other | 5 Years |
| ECB | Kupsa Coatings | 0.59 | Modernisation | 11 Years 8 Months |
| ECB | General Motors India | 2.36 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | General Motors India | 2.72 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Vivriti Capital | 11.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Tokyo Seisakusho India | 0.25 | Working Capital/General Corporate Purpose | 11 Years 1 Months |
| ECB | B & M Engineering Solution | 0.03 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Dong AH Electric India | 2.08 | Import of Capital Goods | 5 Years |
| ECB | Kumkang Kind India | 1.00 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Insit Mask Transmissions | 0.17 | Import of Capital Goods | 5 Years 5 Months |
| ECB | Sri Vishnu Weaving | 0.60 | Working Capital/General Corporate Purpose | 8 Years 5 Months |
| ECB | Water2Wire Resources | 45.00 | New Project | 7 Years |
| ECB | ECI Display India | 1.56 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | TBS Innovation India | 0.30 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Creditaccess Grameen | 20.00 | Micro Finance Acitivity | 6 Years |
| ECB | Air Water India | 7.70 | New Project | 6 Years |
| ECB | Jean Mueller India | 0.58 | Working Capital/General Corporate Purpose | 5 Years 3 Months |
| ECB | Givi India | 0.17 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Ammega Belting India | 3.94 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Kisetsu Saison Finance (India) | 75.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Tech7 Phyll | 0.50 | Working Capital/General Corporate Purpose | 3 Years 6 Months |
| ECB | Iriss Asia Pacific | 0.60 | Working Capital/General Corporate Purpose | 5 Years 11 Months |
| ECB | Adani Airport Holdings | 35.00 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 Years 6 Months |
| ECB | Advanced Medtech Solutions | 1.69 | Working Capital/General Corporate Purpose | 5 Years 2 Months |
| ECB | Sonar Softech India | 0.26 | Modernisation | 6 Years 1 Months |
| ECB | Sunwoo Packaging | 5.00 | Working Capital/General Corporate Purpose | 9 Years 1 Months |
| ECB | AEM Mobility India | 1.07 | New Project | 5 Years 1 Months |
| ECB | Jangone Foam Products India | 1.08 | Working Capital/General Corporate Purpose | 7 Years 6 Months |
| ECB | Galli & Cassina India | 0.35 | Working Capital/General Corporate Purpose | 7 Years 2 Months |
| ECB | Sorin Tech | 4.88 | New Project | 10 Years |
| ECB | Annapurna Finance | 15.00 | Micro Finance Acitivity | 5 Years |
| ECB | Vivo Mobile India | 32.00 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Propack | 3.31 | Import of Capital Goods | 5 Years |
| ECB | Aastrid Life Sciences | 0.16 | Local Sourcing of Capital Goods (Rupee Expenditure) | 2 Years 11 Months |
| ECB | Fiori Concrete Machines India | 1.16 | Working Capital/General Corporate Purpose | 6 Years 8 Months |
| ECB | SDMM Enterprises | 1.97 | Working Capital/General Corporate Purpose | 13 Years |
| ECB | Hindustan Petroleum Corporation | 450.00 | Refinancing of Earlier ECB | 3 Years |
| ECB | WEB Werks India | 96.82 | Infrastructure Development | 10 Years |
| ECB | Mane Kancor Ingredients | 2.25 | On-Lending or Sub-Lending | 6 Years 1 Months |
| ECB | Deepforest Intelligence | 0.28 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Rupesh Technology | 0.28 | Import of Capital Goods | 6 Years |
| ECB | Amino India (Sales & Distribution) | 0.18 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Kakira-Alpha Spirits | 0.45 | Working Capital/General Corporate Purpose | 10 Years |
| ECB | Shriram Finance | 96.64 | On-Lending or Sub-Lending | 3 Years 3 Months |
| ECB | Indus Coffee | 24.00 | Import of Capital Goods | 6 Years 8 Months |
| ECB | Vedika Credit Capital | 4.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Litsolaire Energy | 19.10 | Working Capital/General Corporate Purpose | 20 Years 10 Months |
| ECB | Pei-Genesis Assembly and Distribution Services India | 0.90 | Working Capital/General Corporate Purpose | 9 Years 4 Months |
| ECB | Dexgreen India | 1.31 | Working Capital/General Corporate Purpose | 8 Years 2 Months |
| ECB | Comer Precise Machinery India | 4.84 | New Project | 21 Years 4 Months |
| ECB | Elsteel Modular Products India | 0.63 | Local Sourcing of Capital Goods (Rupee Expenditure) | 5 Years 8 Months |
| ECB | Eurostampa India | 2.34 | Import of Capital Goods | 10 Years |
| ECB | Cholamandalam Investment And Finance Company | 50.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Mabani Steel (India) | 0.27 | Modernisation | 7 Years 7 Months |
| ECB | PDS International | 1.65 | Working Capital/General Corporate Purpose | 5 years |
| ECB | IMA Schelling (India) | 0.17 | Working Capital/General Corporate Purpose | 8 Years 1 Months |
| ECB | Kiplus Motors India | 0.10 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Norse Brands | 0.05 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Maruyama MFG India | 2.03 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Mucom India | 0.64 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Manappuram Finance | 20.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | High Tech Special Rubber | 0.30 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Hiref In | 1.20 | New Project | 15 Years |
| ECB | Ryonan Electric India | 0.17 | Import of Capital Goods | 5 Years |
| ECB | OMIS India Cranes & Handling | 0.12 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Hyvision India | 4.00 | New Project | 2 Years |
| ECB | Veeglow Industries | 1.20 | Import of Capital Goods | 12 Years |
| ECB | Udupi Kasargode Transmission | 95.00 | Refinancing of Rupee Loans | 9 Years 10 Months |
| ECB | Bukaka Oil And Gas | 0.53 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | DY Auto India | 5.00 | Import of Capital Goods | 2 Years |
| ECB | Locon Solutions | 15.09 | Working Capital/General Corporate Purpose | 5 Years 4 Months |
| ECB | V Resources India | 1.00 | Working Capital/General Corporate Purpose | 6 Years |
| ECB | Salcomp Technologies (India) | 26.00 | Import of Capital Goods | 4 Years 1 Months |
| ECB | W. Hunger Hydraulics India | 0.19 | Modernisation | 6 Years |
| ECB | Markit B2B Procurement India | 0.02 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Medsoria Healthcare Solutions | 0.94 | New Project | 7 Years |
| ECB | Air Water India | 11.26 | New Project | 6 Years |
| ECB | Detpak India | 1.00 | Import of Capital Goods | 7 Years 4 Months |
| ECB | Mas Udyat India | 1.00 | Working Capital/General Corporate Purpose | 5 Years 1 Months |
| ECB | Hyac India | 5.00 | Working Capital/General Corporate Purpose | 14 Years |
| ECB | Godrej Finance | 25.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Vely Monkeys MKT | 0.41 | Working Capital/General Corporate Purpose | 5 Years |
| ECB | Clean Max Tasman | 124.63 | New Project | 6 Years 11 Months |
| ECB | Nanliu Manufacturing (India) | 3.50 | Working Capital/General Corporate Purpose | 10 Years |
| ECB | Kisetsu Saison Finance (India) | 50.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Seko Dosing India | 0.17 | Working Capital/General Corporate Purpose | 10 Years |
| ECB | LCP Building Products | 0.45 | New Project | 6 Years 11 Months |
| ECB | Lysaght Taperline Poles | 0.26 | New Project | 5 Years 11 Months |
| ECB | Wirtz Manufacturing India | 2.00 | Working Capital/General Corporate Purpose | 10 Years 3 Months |
| ECB | Indian Oil Total | 2.81 | New Project | 3 Years 4 Months |
| ECB | Aditya Birla Capital | 100.00 | On-Lending or Sub-Lending | 3 Years 1 Months |
| ECB | Inovit Aerospace Solutions | 1.60 | Import of Capital Goods | 6 Years 4 Months |
| ECB | Gudel India | 1.91 | Working Capital/General Corporate Purpose | 5 Years 6 Months |
| ECB | Manappuram Finance | 24.00 | On-Lending or Sub-Lending | 3 Years |
| ECB | Mango Fashion India | 0.34 | Working Capital/General Corporate Purpose | 5 Years 8 Months |
| ECB | Creditaccess Grameen | 50.00 | On-Lending or Sub-Lending | 5 Years 3 Months |
| ECB | ONGC Videsh | 500.00 | Refinancing of Earlier ECB | 5 Years |
| ECB | Sicer India | 3.47 | Working Capital/General Corporate Purpose | 8 Years 2 Months |
| ECB | GMP Technical Solutions | 0.77 | Import of Capital Goods | 3 Years 1 Months |
| ECB | GX Quantum Photonics | 5.78 | New Project | 8 Years 1 Months |
| ECB | Mastertool Automation India | 0.28 | Local Sourcing of Capital Goods (Rupee Expenditure) | 8 Years 5 Months |
| ECB | Sunwoo Packaging | 2.85 | Working Capital/General Corporate Purpose | 9 Years |
| ECB | Adani Airport Holdings | 65.00 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 Years 6 Months |
| ECB | Reach52 | 0.35 | Working Capital/General Corporate Purpose | 5 Years 2 Months |
| ECB | Kamtech Super Innovations | 0.42 | Import of Capital Goods | 5 Years 2 Months |
| ECB | Sunway RNS TJ | 47.00 | Refinancing of Rupee Loans | 5 Years |
| Total | 2,243.21 | |||
| II APPROVAL ROUTE* | ||||
| ECB | Interglobe Aviation | 159.00 | Import of Capital Goods | 12 Years 4 Months |
| Approval Route Total (II) | 159.00 | |||
| Grand Total (I+II) | 2,402.21 | |||
End
US$1 = INR 91.70
Reported by Shubham Rana
Compiled by Vinodini Yadav
Edited by Akul Nishant Akhoury
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