India Inc's ECB and FCCB intent hit FY26 peak in December 2025

Indian companies filed ECB and FCCB proposals worth $4.43 billion in December, the highest monthly amount in FY26, led by NBFCs and infrastructure-linked borrowers

Indian companies, including non-banking financial companies (NBFCs), filed proposals with the Reserve Bank of India (RBI) to raise $4.43 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in December 2025 — the highest amount recorded so far in the current financial year (FY26). 

According to RBI data, of the total $3.12 billion was proposed through the automatic route and $1.31 billion through the approval route.

 

Among the prominent firms filing intent in December was Indian Railway Finance Corporation Ltd, which sought to raise $299.5 million for infrastructure development. Air India Ltd also filed a proposal to raise $154.9 million for the import of capital goods. Indian Oil Corporation is seeking to raise $300 million to refinance an earlier ECB.

 

Aditya Birla Capital, an NBFC, plans to raise $300 million for on-lending or sub-lending from a commercial bank, with a credit facility duration of three years and three months. Piramal Finance Ltd filed for a $125 million facility for on-lending or sub-lending from a commercial bank for a period of four years.

 

HDB Financial Services, a subsidiary of HDFC Bank, is looking to raise $150 million from multilateral financial institutions for on-lending or sub-lending purposes, with a tenor of three years.

 

InterGlobe Aviation plans to raise $463 million for the import of capital goods through multiple transactions of $46 million, $265 million, $97.5 million and $55.2 million across different maturities under the approval route. 

 

Separately, state-owned EXIM Bank filed an intent to raise $350 million for on-lending or sub-lending from other commercial banks.

 

Power Finance Corporation plans to raise $499.8 million for on-lending or sub-lending activities for a period of five years from an overseas branch of an Indian commercial bank.