India Inc's ECB filings fell to $2.9 billion in April, shows RBI data

External commercial borrowings eased to $2.91 billion in April from $11.04 billion in March, with Shriram Finance and SMFG India among major ECB filers

After surging past $11 billion in March 2025, the proposals by Indian firms to raise funds through external commercial borrowings (ECBs) dropped to $2.91 billion in April 2025, according to Reserve Bank of India (RBI) data.

 

Companies, including non-banking financial companies (NBFCs), had filed ECB intents worth $ 11.04 billion in March 2025.

 

Out of the intents filed in April 2025, the amount for those using the automatic route was $1.90 billion, and via the approval route, it was $ 1.01 billion, according to RBI data.

 

Among the prominent firms that filed intent in April 2025 with the RBI was Shriram Finance, through automatic route, for $830 million, for on-lending or sub-lending operations. The funds to be raised from the international financial market has a maturity of three years. 

 

Amongst the other finance companies, was SMFG India Credit Company Ltd with an intent to raise around $ 208 million from foreign collaborator\equity holders having three-year maturity. 

 

Indian Renewable Energy Development Agency Ltd, state-owned entity in the business of financial services, filed for raising about $ 180 million. InterglobeAviation Ltd, Air transport operator, filed ECB intent for $ 106 million to import capital goods. 

 

The funding from the leasing company has a maturity of 145 months, RBI data showed.

 

Intas Pharmaceuticals Ltd, manufacturer of pharmaceuticals, medicinal chemical and botanical products, filed for ECB intent worth $ 151 million. The funding from commercial banks has a maturity of 60 months.

 

The total ECB filing in the financial year 2025 (FY25) was $61.18 billion, up from $48.81 billion in FY24 and $25.98 billion in FY23, showed data sourced by the Business Standard Research Bureau from RBI and Bloomberg.   

 

The net ECB inflows were $25.1 billion in FY25, nearly three times the level recorded a year ago.

 

Over 42 per cent of the total ECBs raised during FY25 were intended to be used for capital expenditure (capex), including on-lending and sub-lending for capex, according to the ‘State of Economy’ report in RBI’s bulletin (May 2025).