India Inc raises $5.33 billion in January via ECBs, FCCBs
The Reserve Bank of India (RBI) in its latest data report has showed that Indian companies raised a total of $5.33 billion from overseas markets during the month of January 2026, through External Commercial Borrowings (ECBs) and Foreign Currency Convertible Bonds (FCCBs).
The report further noted that the automatic route accounted for $4.18 billion, while the approval route contributed $1.15 billion. Under the approval route, Export-Import Bank of India led with raising $1000 million for on-lending or sub-lending, while NTPC raised $152.16 million for refinancing of rupee loans.
The borrowings spanned multiple sectors, including financial services; manufacturing of machinery, metals, chemicals, and vehicles; Energy and infrastructure. Key purposes of these borrowings included on-lending or sub-lending, working capital, new projects, refinancing, import of capital goods and modernisation of operations.
