India Inc files ECB intent worth $3.48 billion in June, shows RBI data

Indian firms filed proposals to raise $3.48 billion in June via ECBs, with Mumbai International Airport, NTPC, Tata Electronics, and Adani Airport among top applicants

In June 2025, Indian companies, including non-banking financial companies (NBFCs), filed proposals with the Reserve Bank of India (RBI) to raise $3.48 billion through External Commercial Borrowings (ECBs). Of this, $2.73 billion was through the automatic route and $750 million through the approval route, according to RBI data.

 

Among the prominent firms filing intent in June were Mumbai International Airport Ltd, seeking $750 million to refinance an earlier ECB to be raised through the international capital market, and Tata Electronics Pvt Ltd, applying for a $400 million facility from a commercial bank for seven years to build a new project.

 

 

Adani Airport Holdings Ltd, engaged in warehousing and support activities for transportation, applied for $150 million for on-lending and sub-lending activity, with a credit facility duration of 42 months. Agratas Energy Storage Solutions Pvt Ltd, a manufacturer of electrical equipment, is looking to raise $100 million from a commercial bank to import capital goods.

 

State-owned power sector company NTPC Ltd filed intent through the approval route to raise $750 million for infrastructure development. It plans to tap the overseas branch of an Indian commercial bank for a long-term loan with a duration of 64 months.

 

Among financial services firms, Muthoot Fincorp Ltd applied to raise $70 million for on-lending and sub-lending operations, while IIFL Home Finance Ltd is seeking $100 million from a multilateral agency for on-lending activities.