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 wholly owned subsidiary. Adani Airport Holdings Ltd plans to raise $250 million for refinancing earlier ECBs. 

 

Asian Paints (Polymers) Private Ltd filed an application for ECBs worth $145 million for investment in a new project. Bharat Mumbai Container Terminals Private Ltd submitted intent for about $177 million for infrastructure development.

 

Among financial services firms, Tata Capital Housing Finance Ltd filed to raise $100 million to refinance old ECBs. Another financial services company, Avanse Financial Services Ltd, is looking to raise $100 million from a commercial bank for on-lending activities.