India Inc's ECB, FCCB fundraising proposals rise to $8.13 bn in August

Indian companies, including non-banking financial companies (NBFCs), filed proposals with the Reserve Bank of India (RBI) to raise $8.13 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in August 2026, up from $7.70 billion in July.

Of the total, $7.95 billion worth of proposals were under the general permission route, while $180 million was approved under the special permission route, RBI data showed.

Among the prominent firms that filed their proposals in August was Flipkart Internet Private Limited, which plans to raise nearly $1.14 billion from a foreign equity holder for three years for on-lending or sub-lending activities. Reliance Industries plans to raise $382.27 million from a financial institution in the International Financial Services Centre (IFSC) for five years to refinance existing ECBs.

Indian Oil Corporation plans to raise $500 million from a resident financial institution’s branch outside India for five years and two months to modernise or expand existing units. Power Finance Corporation plans to raise $775 million from a financial institution in the IFSC for four years and nine months for general corporate purposes.

Among public sector financial institutions, Small Industries Development Bank of India (SIDBI) plans to raise $500 million from a multilateral or regional financial institution for seven years to refinance rupee loans. REC plans to raise $500 million from a financial institution in the IFSC for five years for general corporate purposes.

India Infrastructure Finance Company (IIFCL) plans to raise $100 million from a financial institution in the IFSC for three years and another $100 million for five years, both for on-lending or sub-lending activities. The National Bank for Financing Infrastructure and Development plans to raise $500 million for five years from a resident financial institution’s branch outside India for on-lending or sub-lending activities.

Among NBFCs, Tata Capital plans to raise $325 million from a financial institution in the IFSC for three years and 10 months for on-lending or sub-lending activities. Piramal Finance plans to raise nearly $50 million from a non-resident financial institution for three years for similar activities.

MAS Financial Services plans to raise $250 million from a financial institution in the IFSC for four years for on-lending or sub-lending activities. NeoGrowth Credit plans to raise nearly $34.83 million from a foreign equity holder for three years for similar activities, while Ecofy Finance plans to raise $150 million for five years and one month for on-lending or sub-lending activities.

Housing and Urban Development Corporation (HUDCO) plans to raise $100 million from a financial institution in the IFSC for five years to refinance rupee loans. Exim Bank of India has filed proposals to raise $150 million for three years, $24 million for three years and $76 million for seven years from non-resident financial institutions for on-lending or sub-lending activities.

Among other prominent proposals, Indianoil-Adani Gas plans to raise $157.11 million from a financial institution in the IFSC for seven years and 10 months to refinance rupee loans. Adani Airport Holdings plans to raise $100 million from a financial institution in the IFSC for five years to modernise or expand existing units.

Tejas Networks plans to raise $50 million from a financial institution in the IFSC for three years to refinance rupee loans, while Vadodara Gas plans to raise $78.56 million from a financial institution in the IFSC for six years and nine months for the same purpose.

Ganeko Two Energy plans to raise $203.3 million from a financial institution in the IFSC for five years for a new project. Giridhari Build Estate plans to raise $470 million, while Granthik Realtors plans to raise $330 million, both from financial institutions in the IFSC for four years for new projects.

Among other companies, Tata Electronics plans to raise $190 million from an export credit agency for five years to refinance existing ECBs. Sify Infinit Spaces plans to raise nearly $70.7 million from a multilateral or regional financial institution for 11 years and nine months for a new project.

Under the special permission route, InterGlobe Aviation plans to raise $180 million from a leasing company for 10 years and four months to import capital goods.