Indian companies propose $7.05 billion in overseas borrowings in September

Indian companies proposed overseas borrowings worth $7.05 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds in September 2026, with infrastructure financiers, non-banking financial companies and large corporates accounting for a significant share, Reserve Bank of India (RBI) data showed.

Mangang Constructions accounted for the largest borrowing proposal of about $1 billion for general corporate purposes, followed by the National Bank for Financing Infrastructure and Development (NaBFID), which proposed $1 billion for on-lending. Danube Industries proposed $921 million for general corporate purposes.

Among public sector companies, Hindustan Petroleum Corporation and Housing and Urban Development Corporation (HUDCO) proposed $500 million each, while REC lined up $300 million and NHPC $255 million. Shipping Corporation of India proposed $100 million to refinance rupee loans.


Non-banking financial companies also featured prominently. Sammaan Capital proposed $300 million for on-lending, followed by IIFL Home Finance at $150 million, Avanse Financial Services at $70 million and Vivriti Capital at $50 million.

In the aviation sector, IndiGo's parent InterGlobe Aviation proposed three borrowings aggregating $337 million for importing capital goods, with maturities ranging from seven years to 12 years and two months. Adani Airport Holdings proposed $100 million for modernisation and expansion.

Vodafone Idea proposed $150 million for local sourcing of capital goods, while OneWeb India Communications lined up $75 million for imports.

Of the total $7.05 billion, about $6.71 billion was under the general permission route and $337 million under the special permission route.

The RBI data covers borrowing applications allotted loan registration numbers during September and does not necessarily reflect actual fund inflows.