According to recent data from the Reserve Bank of India (RBI), Indian companies raised a combined $3.76 billion through external commercial borrowings (ECBs)—which are loans sourced from foreign lenders—in April 2026.
This marks a notable jump from the $2.91 billion raised during the same month last year.
Who Borrowed the Most?
Several major corporations and energy firms led the borrowing surge in April:
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ReNew Surya Roshni: $500 million
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Reliance Industries (RIL): $480 million
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Serentica Renewables India 14: $397 million
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Nuclear Power Corp: $200 million
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Indian Oil Corp (IOC): $200 million
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IREDA (Indian Renewable Energy Development Agency): $176 million
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Air India: $133 million
Where is the Money Going?
Companies are tapping into these international funds for a variety of business needs, including:
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Funding manufacturing projects
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Refinancing older debts
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Sourcing working capital for daily operations
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Importing heavy capital goods
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On-lending (financial institutions borrowing to lend to others)
Additionally, some foreign parent companies used this window to inject equity capital directly into their Indian branches.
The Bigger Picture
While April started strong, the previous fiscal year (FY26) saw a massive pullback in overseas fundraising. Total foreign borrowing through ECBs and foreign currency convertible bonds (FCCBs) dropped by 30%, falling to $42.87 billion down from $60.93 billion the year before. This broader slowdown was primarily triggered by high global interest rates, a weaker Indian rupee, and elevated international borrowing costs.
