Indian firms raise $3.76 bn via ECBs in April; Reliance, Air India among prominent borrowers

Mumbai: Indian companies raised a cumulative $3.76 billion from external commercial borrowings in April 2026 up from $2.91 billion raised in the same month a year ago, RBI data shows. Renew Surya Roshni Pvt Ltd ($500 million), Reliance Industries Ltd ($480 million), Serentica Renewables India 14 Pvt Ltd ($397 million), Nuclear Power Corp Ltd ($200 million), Indian Oil Corp Ltd ($200 million), Indian Renewable Energy Development Agency Ltd ($176 million) and Air India Ltd ($133 million) were among the prominent borrowers, the data showed.

The ECBs were raised for diverse purposes like manufacturing, on lending, working capital requirements, refinancing and import of capital goods. Some foreign equity holders also infused money to their local arms through this route.

Indian companies’ overseas borrowings through the ECBs and foreign currency convertible bonds (FCCBs) route had fallen 30% to $42.87 billion in the fiscal year ended March 2026 from $60.93 billion in the previous year reflecting higher borrowing costs last fiscal the rupee weakness, higher global rates and more increasing hedging costs.