Indian Companies Seek $4.59 Billion in ECBs and FCCBs in February 2026
India Inc's ECB, FCCB intent moderates to $4.59 billion in February
Business Standard
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In February 2026, Indian companies, including non-banking financial companies, filed proposals with the Reserve Bank of India to raise $4.59 billion through external commercial borrowings and foreign currency convertible bonds. This marks a decrease from $5.33 billion in January, with notable contributions from Tata Power Renewable Energy and various financial institutions.
- 01Total proposals decreased to $4.59 billion in February from $5.33 billion in January.
- 02Tata Power Renewable Energy aims to raise $550 million for local capital goods sourcing.
- 03Manappuram Finance plans to raise $300 million for on-lending activities.
- 04Multiple firms are focusing on infrastructure development and refinancing of loans.
- 05The majority of funds, $4.19 billion, are proposed through the automatic route.
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In February 2026, Indian companies filed proposals with the Reserve Bank of India (RBI) to raise $4.59 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs). This represents a decline from $5.33 billion in January, which was the highest recorded amount for the financial year (FY26). Notably, $4.19 billion of the total was sought through the automatic route, while $400 million was through the approval route. Tata Power Renewable Energy plans to raise $550 million for local sourcing of capital goods over three years and five months from an Indian commercial bank branch abroad. Other significant proposals include ABC CT RE Park (01) Private, seeking $486 million and $108.99 million for infrastructure projects, and Serentica Renewables India 1 Private, aiming for $270.1 million to refinance rupee loans. Additionally, Manappuram Finance intends to raise $300 million for on-lending activities, while BMW India Financial Services seeks $236.6 million for similar purposes. The trend indicates a strategic focus among Indian firms on leveraging international financing for growth and development.
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The proposals reflect a strategic shift in financing for infrastructure and development projects, potentially leading to job creation and economic growth in the sectors involved.
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