Indian firms file ECB intent worth $2.73 bn in May under automatic route

Indian companies including NBFCs filed $2.73 billion in ECB proposals in May 2025, all under the automatic route, with no applications under the approval route

Indian companies, including non-banking financial companies (NBFCs), filed proposals in May 2025 with the Reserve Bank of India (RBI) to raise $2.73 billion through External Commercial Borrowings (ECBs).

 

The intent for fund-raising was entirely through the automatic route, with no proposal filed under the approval route, according to RBI data.

 

Among the prominent firms that filed intent with the RBI in May 2025 was Reliance Industries Ltd (RIL), which sought to raise about $635 million to refinance earlier ECBs. Adani Ports and Special Economic Zone Ltd submitted an application for $150 million for overseas investment in a joint venture or