India Inc files ECB intents worth $4 billion with RBI in January 2025

Indian companies, including non-banking finance companies, filed intents worth $4.0 billion with the Reserve Bank of India in January 2025 to raise money through external commercial borrowings (ECB). The amount through the automatic route stood at $1.97 billion, while the approval route accounted for $2.02 billion, according to Reserve Bank of India data. Corporates had filed ECB proposals worth $9.54 billion in December 2024.

 

Among the prominent firms that filed intent in January 2025 with the RBI were Export-Import Bank of India, which sought $1.0 billion for on-lending or sub-lending, and Power Grid Corporation of India Ltd, which applied for a $360 million ECB with a maturity period of seven years. The money is to be used for on-lending purposes.

 

NMDC Data Centre Private Ltd filed ECB papers to raise $175 million with a maturity period of three years for local sourcing of capital goods.

 

The net ECBs by Indian entities grew nearly three times to $15.6 billion during April-December 2024, compared to the inflows recorded in the same period in 2023, showing gains from soft global interest rates and risk premium. The gross disbursements through the ECB route rose to $36.6 billion in April-December 2024, up from $26.1 billion in the same period of FY24. The principal repayments stood at $21 billion in the nine months of FY25, as against $20.7 billion in the same period of FY24. 

The seekers

 

> Export-Import Bank of India, seeking $1.0 bn

> Power Grid Corporation of India, eyes $360 mn

> NMDC Data Centre looks to raise $175 mn