India Inc files ECB plans worth $4.28 bn in April, shows RBI data

In April 2024, Indian firms, including non-banking financial companies, filed proposals with the RBI to raise $4.28 billion through External Commercial Borrowings (ECBs). Of this, $3.89 billion is through the automatic route, and $393 million via the approval route. ECB registrations nearly doubled to $49.2 billion in FY24 from $26.6 billion in FY23, with disbursements up 60% to $38.4 billion. \r

Notable proposals include Muthoot Finance's $750 million for on-lending, Dhamra LNG Terminal's $600 million for refinancing, Oil India's $550 million for extraction activities, and Hero Fincorp's $250 million for on-lending. Offshore funding remains vital despite rising domestic liquidity.