Corporates file $3.48 billion ECB intent in July, shows RBI data

Indian companies, including NBFCs, filed intent for $3.48 bn in ECBs in July 2025, with $3.22 bn via the automatic route and $100 mn via the approval route, RBI data showed

In July 2025, Indian companies, including non-banking financial companies (NBFCs), filed proposals with the Reserve Bank of India (RBI) to raise $3.32 billion through External Commercial Borrowings (ECBs). Of this, $3.22 billion was through the automatic route and $100 million through the approval route, according to RBI data.

 

Among the prominent firms filing intent in July was Credila Financial Services Ltd, seeking $650 million for on-lending or sub-lending, to be raised from a commercial bank. Reliance Power Ltd also filed for a $500 million facility for working capital and general corporate purposes. 

 

HDB Financial Services Ltd, a subsidiary of HDFC Bank, applied for $150 million for on-lending and sub-lending activity, with a credit facility duration of 36 months. The money was to be raised from an overseas branch of an Indian commercial bank.

 

Adani Ports and Special Economic Zone Ltd filed papers to raise $125 million from a commercial bank for refinancing an earlier ECB. Another Adani Group entity, Adani Airport Holdings Ltd, sought $100 million from a commercial bank for local sourcing of capital goods. It also filed for $150 million in two tranches—$100 million and $50 million—to refinance old ECBs.

 

State-owned power sector company NTPC Ltd filed intent through the approval route to raise $100 million for refinancing rupee loans.