Mumbai, Nov. 2 -- Indian companies, including non-banking financial companies (NBFCs), submitted proposals to raise $8.13 bn through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in August 2026, according to Reserve Bank of India (RBI) data. The amount increased from $7.70 bn in July. Of the August proposals, $7.95 bn was filed under the general permission route, while $180 mn received approval through the special permission route.
Prominent proposals included Flipkart Internet's nearly $1.14 bn borrowing from a foreign equity holder for three years for on-lending or sub-lending. Reliance Industries is seeking $382.27 mn 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 mn from a resident financial institution's overseas branch for five years and two months to modernise or expand units. Power Finance Corporation is seeking $775 mn for four years and nine months for general corporate purposes.
Public sector financial institutions also featured prominently. Small Industries Development Bank of India plans to raise $500 mn from a multilateral or regional financial institution for seven years to refinance rupee loans, while REC plans to raise the same amount from an IFSC financial institution for five years for general corporate purposes. India Infrastructure Finance Company has proposed two $100 mn borrowings, with maturities of three and five years, for on-lending or sub-lending. The National Bank for Financing Infrastructure and Development plans to raise $500 mn for five years for similar activities.
Among NBFCs, Tata Capital plans to raise $325 mn for three years and 10 months, while Piramal Finance is seeking nearly $50 mn for three years. MAS Financial Services has proposed $250 mn, NeoGrowth Credit nearly $34.83 mn and Ecofy Finance $150 mn, mainly for on-lending or sub-lending. Housing and Urban Development Corporation plans to raise $100 mn to refinance rupee loans. Exim Bank of India has filed proposals totalling $250 mn across three borrowings for on-lending or sub-lending activities.
Other proposals included $157.11 mn by Indianoil-Adani Gas and $100 mn by Adani Airport Holdings for refinancing, or modernisation and expansion, respectively. Tejas Networks and Vadodara Gas proposed $50 mn and $78.56 mn for refinancing rupee loans. Ganeko Two Energy, Giridhari Build Estate and Granthik Realtors sought $203.3 mn, $470 mn and $330 mn, respectively, for new projects. Tata Electronics proposed $190 mn to refinance ECBs, while Sify Infinit Spaces sought nearly $70.7 mn for a new project. Under the special permission route, InterGlobe Aviation plans to raise $180 mn from a leasing company over 10 years and four months to import capital goods.
Published by HT Digital Content Services with permission from Construction World.