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ECB filings hit 72-month high of $11.04 bn in March, shows RBI data
Indian firms, including non-banking financial companies (NBFCs), filed proposals with the Reserve Bank of India (RBI) in March 2025 to raise $11.04 billion through external commercial borrowings (ECBs). This is the highest monthly filing in the last 72 months.
Of this, the intent for fundraising through the automatic route amounted to $8.34 billion, and via the approval route, it was $2.69 billion, according to RBI data.
Total ECB filing in FY25 was $61.18 billion, up from $48.81 billion in FY24 and $25.98 billion in FY23, showed data sourced by the Business Standard Research Bureau from RBI and Bloomberg.
Among the prominent firms that filed intent in March 2025 with the RBI is JSW Steel Ltd, for $900 million, for refinancing of earlier ECBs. The funding from commercial banks has a maturity of 63 months.
ONGC Videsh Ltd, state-owned entity in the business of crude petroleum and natural gas, filed for raising $450 million. It, however, did not specify the purpose.
ONGC Videsh also filed an ECB intent for $150 million to make overseas investments in joint ventures and wholly-owned subsidiaries, RBI data showed.
Mangalore Refinery and Petrochemicals Ltd, which is also a unit of state-owned ONGC, filed for ECB intent worth $500 million to refinance debt raised earlier through ECBs. The funding from commercial banks has a maturity of 65 months.
Among finance companies, Power Finance Corporation Ltd filed an intent to raise around $250 million from banks through a loan having a five-year maturity. Muthoot Finance Ltd filed to raise $400 million for on-lending purposes.
The principal repayment for ECBs stood at $25.8 billion during April-2024-February 2025. After adjusting for repayments, net ECB inflows were at $20.3 billion during this period. This is more than double the level recorded a year ago, according to the article State of Economy in RBI's monthly bulletin (April 2025).
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