MoneyWireRBI Data: Indian companies' external commercial borrowing of $5.3 bln in January highest since March
RBI Data
Indian companies' external commercial borrowing of $5.3 bln in January highest since March
This story was originally published at 18:50 IST on 17 March 2026
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--RBI: Indian cos raised $5.33 bln via external commercial borrowing in Jan
NEW DELHI – Indian companies raised $5.33 billion through external commercial borrowings and foreign currency convertible bonds in January, data released by the Reserve Bank of India Tuesday showed. The quantum of total external borrowings was the highest since March, when companies had raised $11.04 billion.
This is the third consecutive month when external borrowing by Indian companies has risen. They raised $2.40 billion in November and $4.44 billion in December.
Of the $5.33 billion raised in January, Indian companies raised $4.18 billion through the automatic route. Microsoft Corp. (India) Pvt. Ltd. was the biggest borrower in January, raising $726.88 million for information service activities.
Muthoot Finance Ltd. and ONGC Videsh Ltd. each raised $600 million in January. Muthoot borrowed funds for financial service activities, except insurance and pension funding, while ONGC Videsh borrowed for extraction of crude petroleum and natural gas. Housing and Urban Development Corp. Ltd. raised $446.24 million in January through external commercial borrowing.
Companies raised $1.15 billion through the approval route in January, of which $1 billion was raised by The Export-Import Bank of India.
Following is the full list of issuances through external commercial borrowing in January:
| I AUTOMATIC ROUTE* | ||||
| ECB/FCCB | Borrower | In mln $ | Purpose | Maturity Period in months |
| ECB | Muthoot Finance | 600.00 | On-Lending or Sub-Lending | 4 years 6 months |
| ECB | Ahresty India | 1.10 | Import of Capital Goods | 6 years 10 months |
| ECB | PMI Technology India | 6.46 | Import of Capital Goods | 7 years |
| ECB | DSV Air & Sea | 22.03 | Working Capital/General Corporate Purpose | 5 years |
| ECB | High Tech Special Rubber | 0.20 | Import of Capital Goods | 5 years 1 months |
| ECB | Piramal Finance | 150.00 | On-Lending or Sub-Lending | 5 years |
| ECB | Piramal Finance | 200.00 | On-Lending or Sub-Lending | 5 years 2 months |
| ECB | HDB Financial Services | 100.00 | On-Lending or Sub-Lending | 3 years |
| ECB | Cellecor Gadgets | 33.00 | Overseas Investment in JV/WOS | 5 years |
| ECB | NI & Sons Wiring Solutions | 0.97 | Working Capital/General Corporate Purpose | 10 years |
| ECB | OMNI Powertrain Technologies (India) | 0.08 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Korebloc Scaffolding and Formwork | 4.45 | New Project | 10 years |
| ECB | Mycom-Fil India | 5.42 | Import of Capital Goods | 7 years 11 months |
| ECB | Royal Guntagani Industries | 25.00 | Infrastructure Development | 5 years |
| ECB | Hemani Industries | 5.70 | New Project | 5 years |
| ECB | ONGC Videsh | 600.00 | Refinancing of Earlier ECB | 5 years |
| ECB | Terra Motors India | 0.64 | Working Capital/General Corporate Purpose | 6 years 11 months |
| ECB | Omega Bright Steel & Components | 4.43 | New Project | 1 years |
| ECB | Milouisa Management India | 0.13 | Local Sourcing of Capital Goods (Rupee Expenditure) | 25 years |
| ECB | Chickago Foods India | 0.12 | New Project | 10 years 3 months |
| ECB | Sozio Fragrances India | 2.11 | Working Capital/General Corporate Purpose | 8 years 8 months |
| ECB | Aptus Value Housing Finance India Ltd. | 10.00 | On-Lending or Sub-Lending | 7 years |
| ECB | Cinos Automotive India | 0.22 | Working Capital/General Corporate Purpose | 5 years |
| ECB | VEH Green Energy | 174.00 | New Project | 6 years 9 months |
| ECB | ALS Testing Services India | 1.60 | Working Capital/General Corporate Purpose | 7 years |
| ECB | Aadhar Housing Finance | 50.00 | On-Lending or Sub-Lending | 7 years |
| ECB | AMNS Paradip Logistics | 11.01 | Local Sourcing of Capital Goods (Rupee Expenditure) | 9 years 6 months |
| ECB | ENZA Zaden India | 4.19 | New Project | 13 years |
| ECB | Alfred H Knight India | 0.85 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Kukdo Chemicals India | 10.00 | Working Capital/General Corporate Purpose | 5 years 1 months |
| ECB | Ensinger India Engineering Plastics | 0.76 | Local Sourcing of Capital Goods (Rupee Expenditure) | 8 years 1 months |
| ECB | Katsura Roller (India) | 0.33 | Working Capital/General Corporate Purpose | 10 years |
| ECB | RPK India | 1.17 | Working Capital/General Corporate Purpose | 13 years 6 months |
| ECB | Navisync Freight | 0.10 | Working Capital/General Corporate Purpose | 6 years 10 months |
| ECB | Heinemann Travel Retail India | 2.20 | Local Sourcing of Capital Goods (Rupee Expenditure) | 7 years 2 months |
| ECB | Nihon Parkerizing India | 19.38 | New Project | 12 years 2 months |
| ECB | Guarniflon India | 1.00 | Local Sourcing of Capital Goods (Rupee Expenditure) | 6 years 11 months |
| ECB | Lera Investments Technologies India | 0.80 | Working Capital/General Corporate Purpose | 5 years 1 months |
| ECB | Science For Society Techno Services | 8.90 | Modernisation | 9 years 9 months |
| ECB | Bellsonica Auto Component India | 1.03 | Modernisation | 6 years 9 months |
| ECB | Powerstatic Solutions India | 62.21 | Import of Capital Goods | 3 years 9 months |
| ECB | Healthcare Global Enterprises | 0.81 | Import of Capital Goods | 6 years 1 months |
| ECB | Zipaworld Innovation | 10.00 | Working Capital/General Corporate Purpose | 10 years |
| ECB | Valtatek Innovations | 0.44 | Local Sourcing of Capital Goods (Rupee Expenditure) | 9 years 6 months |
| ECB | New England Biolabs India | 0.50 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Hinduja Housing Finance | 15.00 | On-Lending or Sub-Lending | 4 years 6 months |
| ECB | Beurer India | 0.50 | Working Capital/General Corporate Purpose | 10 years |
| ECB | HL Klemove India | 14.00 | Import of Capital Goods | 5 years |
| ECB | Tanita India | 0.50 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Cholamandalam Investment And Finance Co | 150.00 | On-Lending or Sub-Lending | 3 years |
| ECB | Heller Thermal Systems | 0.41 | New Project | 3 years 11 months |
| ECB | Kohyei India | 0.22 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Husk Power Systems | 2.25 | Working Capital/General Corporate Purpose | 5 years 5 months |
| ECB | Hayakawa Electronics India | 1.59 | Working Capital/General Corporate Purpose | 5 years |
| ECB | ACIM Global Appliance | 19.82 | Import of Capital Goods | 3 years |
| ECB | Helios Infratech | 19.66 | Refinancing of Earlier ECB | 10 years 8 months |
| ECB | SPICA Industries | 0.50 | Working Capital/General Corporate Purpose | 5 years 1 months |
| ECB | Neemrana Steel Service Centre India | 0.61 | Import of Capital Goods | 9 years 11 months |
| ECB | Neemrana Steel Service Centre India | 1.27 | Working Capital/General Corporate Purpose | 6 years 11 months |
| ECB | Involt Energy | 2.75 | Modernisation | 10 years |
| ECB | Aether Green Fuel Two | 20.41 | New Project | 10 years 2 months |
| ECB | Systems Logistics India | 2.00 | Working Capital/General Corporate Purpose | 5 years 3 months |
| ECB | Bellsonica Auto Component India | 0.44 | Modernisation | 6 years 9 months |
| ECB | Bengal Gas Co | 31.94 | Refinancing of Rupee Loans | 7 years 3 months |
| ECB | SMAS Auto Leasing India | 1.10 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Xovis Technologies India | 0.18 | Working Capital/General Corporate Purpose | 5 years 7 months |
| ECB | Interplex Mazzucchelll | 0.59 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Dekra Testing Inspection & Certification India | 4.70 | Local Sourcing of Capital Goods (Rupee Expenditure) | 4 years 11 months |
| ECB | Alloy Polymer Compounds | 3.33 | New Project | 8 years 1 months |
| ECB | Green Nature Carbon India | 4.84 | New Project | 9 years 1 months |
| ECB | Star Pipe Foundary (India) | 19.38 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 years |
| ECB | PNB Housing Finance | 100.00 | Infrastructure Development | 5 years |
| ECB | Ohsung India | 4.50 | New Project | 5 years |
| ECB | Knick Electronics India | 0.35 | Import of Capital Goods | 5 years 11 months |
| ECB | Akara Capital Advisors | 0.50 | On-Lending or Sub-Lending | 3 years |
| ECB | Helios Infratech | 19.29 | Refinancing of Earlier ECB | 10 years 8 months |
| ECB | Sivers Semiconductors India | 0.60 | Working Capital/General Corporate Purpose | 6 years 5 months |
| ECB | Mane Kancor Ingredients | 8.37 | Refinancing of Earlier ECB | 7 years 2 months |
| ECB | Mufin Green Finance | 12.00 | On-Lending or Sub-Lending | 4 years |
| ECB | Tokyo Electron India | 3.19 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Fumitec Minerals | 0.30 | Modernisation | 7 years |
| ECB | Musashi Auto Parts India | 6.08 | Working Capital/General Corporate Purpose | 5 years 6 months |
| ECB | Musashi Auto Parts India | 6.08 | Import of Capital Goods | 3 years 6 months |
| ECB | Acerna ECO India | 0.35 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Housing And Urban Development Corporation | 446.24 | On-Lending or Sub-Lending | 5 years 1 months |
| ECB | Diamet Sintered Metal India | 2.87 | Import of Capital Goods | 10 years 5 months |
| ECB | Microsoft Corporation (India) | 726.88 | Working Capital/General Corporate Purpose | 5 years 1 months |
| ECB | DN Solution (India) | 30.52 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 years |
| ECB | JTEKT Bearings India | 2.20 | Local Sourcing of Capital Goods (Rupee Expenditure) | 3 years |
| ECB | Beacon Media Entertainment | 0.35 | Working Capital/General Corporate Purpose | 5 years 11 months |
| ECB | Ampyr Renewable Energy Resources Ten | 2.33 | New Project | 9 years 2 months |
| ECB | Ampyr Renewable Energy Resources Twelve B | 2.10 | New Project | 9 years 2 months |
| ECB | Trimont Services India | 10.00 | Modernisation | 8 years 2 months |
| ECB | K Tech | 2.00 | New Project | 5 years |
| ECB | GDI Global | 0.75 | New Project | 8 years 6 months |
| ECB | Renew Saur Shakti | 18.78 | Refinancing of Earlier ECB | 13 years 8 months |
| ECB | Renew Saur Shakti | 19.08 | Refinancing of Earlier ECB | 13 years 8 months |
| ECB | Yanmar Agricultural Machinery India | 2.23 | Working Capital/General Corporate Purpose | 5 years |
| ECB | JSW JFE Electrical Steel Nashik | 35.00 | Modernisation | 5 years 9 months |
| ECB | Nikko Acoustic Solutions | 0.13 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Ampin Energy Green Sixteen | 195.72 | New Project | 5 years |
| ECB | KTI Plersch India | 1.76 | Local Sourcing of Capital Goods (Rupee Expenditure) | 8 years 3 months |
| ECB | DYCI | 1.50 | Working Capital/General Corporate Purpose | 10 years |
| ECB | Energy Dome India | 3.52 | Working Capital/General Corporate Purpose | 5 years |
| ECB | 2022 ES Discovery India | 2.86 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Aastrid Life Sciences | 0.06 | Local Sourcing of Capital Goods (Rupee Expenditure) | 2 years 11 months |
| ECB | Cooper Turner Beck Green Energy India | 0.76 | Working Capital/General Corporate Purpose | 5 years 11 months |
| ECB | Synergyin Engineering | 0.03 | Working Capital/General Corporate Purpose | 9 years |
| ECB | Baba Experiental Hospitality | 0.11 | Working Capital/General Corporate Purpose | 15 years 11 months |
| ECB | Gradiant India | 2.50 | Working Capital/General Corporate Purpose | 5 years |
| ECB | Tyger Capital | 50.00 | On-Lending or Sub-Lending | 3 years 2 months |
| ECB | Medacta India | 4.36 | Working Capital/General Corporate Purpose | 7 years 3 months |
| ECB | Mehta Equities | 4.90 | Refinancing of Rupee Loans | 10 years |
| Total | 4,182.50 | |||
| II APPROVAL ROUTE* | ||||
| ECB | Export-Import Bank of India | 500.00 | On-Lending or Sub-Lending | 10 years |
| ECB | Export-Import Bank of India | 500.00 | On-Lending or Sub-Lending | 30 years |
| ECB | NTPC | 152.16 | Refinancing of Rupee Loans | 8 years |
| Approval Route Total (II) | 1,152.16 | |||
| Grand Total (I+II) | 5,334.66 | |||
End
US$1 = INR 92.37
Reported by Shubham Rana
Compiled by Mansi Patil
Edited by Deepshikha Bhardwaj
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