Of this, the intent for fund-raising through the automatic route amounted to $2.62 billion, and that via the approval route was $197.4 million, according to RBI data.
Among the prominent firms that filed intent in February 2025 with the RBI is Tata Steel Ltd, for $750 million, for overseas investment in joint ventures and wholly owned subsidiaries. The funding from commercial banks has a maturity of six years.
Varanasi Aurangabad NH-2 Tollway Private Ltd is raising money through two ECB lines — one for infrastructure development worth $180.2 million and another loan worth $190.99 million for refinancing rupee loans. JSW Cement plans to raise $92.85 million to refinance its earlier ECB.
Among NBFCs, Mahindra & Mahindra Financial Services filed an intent to raise up to $150 million from banks through a loan with a three-year maturity. REC, a public sector financial institution, filed to raise $197.4 million for on-lending purposes.
According to RBI data, ECB registrations ($47.3 billion) and disbursements ($42.3 billion) during April 2024 – January 2025, on a cumulative basis, were significantly higher than those recorded in the corresponding period of the previous year.
ECB outflows due to principal repayments stood at $23.9 billion during this period, resulting in robust net inflows of $18.4 billion — more than twice the level observed in the corresponding period of the previous year.
Of the total ECBs registered during April 2024 – January 2025, nearly 44 per cent were intended for capital expenditure purposes.
 "The central government's borrowing is expected to remain in line with the budgeted amount, with slight adjustments in the distribution across tenures, according to bond market participants. Earlier, there were expectations of a reduction in the suppl")