New Delhi: India’s private sector received approval to raise a record USD 11 billion through external commercial borrowings (ECBs) in March 2025, marking the highest monthly ECB inflow in more than five years, according to data released by the Reserve Bank of India.
Of the total approved amount, approximately USD 8.3 billion was sanctioned through the automatic route, while nearly USD 2.7 billion was approved through the approval route.
This significant surge in ECBs highlights growing international confidence in India’s economic prospects and its ability to attract foreign capital.
Several prominent companies featured among the top recipients of ECB approvals in March.
Yuzhan Technology (India), a subsidiary of Taiwan’s Foxconn Group established in late 2023, received approval to raise USD 220 million for working capital requirements. The company specialises in the manufacturing of computer, electronic, and optical products.
JSW Steel secured approval to raise USD 900 million to refinance an earlier ECB, while ONGC Videsh and MRPL were granted approvals to raise USD 450 million and USD 500 million respectively for similar refinancing purposes.
Power Finance Corporation received approval for USD 250 million for on-lending activities, and Indian Oil Corporation was approved to raise USD 400 million to refinance a previous ECB.
Other notable approvals included Tata Semiconductor securing USD 625 million for a new project, and the Nuclear Power Corporation of India receiving approval for USD 511 million.
JSW Neo was granted approval to raise USD 675 million for investment in an overseas joint venture, while Hero Fincorp and Nissan Renault Financial Services secured approvals for USD 250 million and USD 233 million respectively for on-lending activities.
For the complete fiscal year, total ECB proposals amounted to USD 61.8 billion, representing a significant increase from the USD 49 billion raised in FY24.
Nearly half of the approvals were allocated to ECBs by financial services companies.
The top recipients of ECB approvals in FY25 included major corporations such as Reliance Industries, which received approval for two substantial loans: nearly USD 3 billion for refinancing earlier ECBs and an additional USD 1 billion for local sourcing of capital goods. Both loans have maturities ranging from 5 to 12 years.
Other significant recipients included ONGC Videsh with approval for USD 800 million, while companies such as Muthoot Finance, Shriram Finance, IIFL Finance, and Tata Capital each secured approvals for USD 750 million for on-lending purposes.
