Indian Companies Plan to Raise $5.43 Billion via ECBs and FCCBs by March 2026
India Inc's ECB and FCCB intent moderates to $5.43 bn in March 2026
Business Standard
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Indian companies, including non-banking financial companies, are set to raise $5.43 billion through external commercial borrowings and foreign currency convertible bonds by March 2026, marking a rise from $4.59 billion in February. Major firms like Rajasthan Part I Transmission and Adani Transmission are among the key players in this funding initiative.
- 01Indian companies plan to raise $5.43 billion through ECBs and FCCBs by March 2026.
- 02This amount is an increase from $4.59 billion in February 2026.
- 03Major proposals include $750 million from Rajasthan Part I Transmission and $500 million from Adani Transmission.
- 04The majority of the funding will be raised through the automatic route.
- 05Bajaj Finance and IIFL Finance are also significant players in this funding initiative.
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In March 2026, Indian companies, including non-banking financial companies (NBFCs), submitted proposals to the Reserve Bank of India (RBI) to raise $5.43 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), marking the highest monthly total in the fiscal year 2026. This figure represents an increase from $4.59 billion in February. Of the total, $5.22 billion is proposed through the automatic route, while $212 million is through the approval route. Notable firms involved include Rajasthan Part I Transmission, which aims to raise $750 million for a new project, and Adani Transmission, seeking $500 million for refinancing existing ECBs. Other significant proposals include $250 million from REC for general corporate purposes and nearly $198.62 million from Nuclear Power Corporation of India for a new project. Additionally, Bajaj Finance plans to raise $100 million for on-lending activities, while IIFL Finance seeks $500 million for similar purposes.
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This funding could enhance the financial capabilities of these companies, potentially leading to increased investments in infrastructure and corporate projects.
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