Indian Companies’ Foreign Borrowings Rise to ₹27,556 Crore in July 2025

In July 2025, most of these borrowings – about $3.22 billion – came through the “automatic route,” meaning companies didn’t need special RBI approval.

NEW DELHI (India CSR)– In a sign of growing confidence from global investors in India’s economy, foreign borrowings by Indian companies hit a whopping $3.32 billion in July 2025. This figure comes from the latest data on External Commercial Borrowings (ECBs) and Foreign Currency Convertible Bonds (FCCBs), released by the Reserve Bank of India (RBI). For the average person, this might sound like financial jargon, but think of it this way: It’s like Indian businesses taking loans from abroad to fuel growth, buy equipment, or expand operations. These funds help create jobs, build infrastructure, and keep the economy humming. But there’s more to it – let’s break it down step by step, from what these borrowings are to how they impact your wallet, the stock market, and the broader economy.

What Are ECBs and FCCBs? A Simple Explanation

First things first: External Commercial Borrowings, or ECBs, are loans that Indian companies take from foreign lenders in currencies like the US dollar. They’re not your everyday bank loan; these are big-ticket deals, often running into millions, used for everything from importing machinery to refinancing old debts. FCCBs are similar but with a twist – they’re bonds that can be converted into company shares later, giving lenders a chance to own a piece of the business if things go well.

Why do companies prefer these? Borrowing abroad can be cheaper than local loans, especially if interest rates in India are high. Plus, with India’s economy growing at around 7% annually (as per recent IMF estimates), foreign investors are eager to lend, betting on our rising markets. The RBI regulates these to prevent too much foreign debt from destabilizing the rupee or causing inflation.

In July 2025, most of these borrowings – about $3.22 billion – came through the “automatic route,” meaning companies didn’t need special RBI approval. They just followed basic rules like minimum maturity periods (usually 3-10 years) and caps on interest rates. Only one big deal, worth $100.79 million by state-owned NTPC Limited, went through the “approval route” for extra scrutiny. And there was one FCCB from Reliance Power for $500 million.

On the flip side, Rupee Denominated Bonds (RDBs) – loans in Indian rupees from abroad – saw zero activity in July. That’s not unusual; RDBs are less popular because they expose lenders to rupee fluctuations, but they could pick up if the rupee strengthens.

External Commercial Borrowings (ECBs) Snapshot – July 2025

Category	Details
What are ECBs?	Loans Indian companies take from foreign lenders in foreign currencies (e.g., USD). Used for big projects like importing machinery or refinancing old debts.
What are FCCBs?	Foreign Currency Convertible Bonds – bonds that can be later converted into company shares, giving lenders equity if things go well.
Why Borrow Abroad?	Cheaper than Indian loans (when local interest rates are high); global investors are keen on India’s 7% growth outlook (IMF estimates).
Regulation by RBI	To avoid excessive foreign debt that could destabilize the rupee or cause inflation. Includes rules on maturity (3–10 years) and interest rate caps.
July 2025 Total	$3.32 billion (≈ ₹27,556 crore).
Automatic Route	$3.22 billion raised without special RBI approval, following standard rules.
Approval Route	$100.79 million by NTPC Limited (state-owned) went through special RBI scrutiny.
FCCB Deal	$500 million by Reliance Power.
Rupee Denominated Bonds (RDBs)	Zero activity in July 2025. Less popular due to rupee fluctuation risk.

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The Big Borrowers: Who’s Taking the Money and Why?

Let’s look at the standout players. The data lists 130 entries under the automatic route, spanning sectors from manufacturing to finance. Adani Group companies were prominent, with Adani Airport Holdings borrowing $250 million across three deals for refinancing old ECBs and local capital goods purchases. This ties into India’s booming aviation sector – think new airports and more flights, which could mean cheaper tickets and more jobs in tourism.

Vedanta Limited, a mining giant, borrowed $160 million for overseas investments in joint ventures. Mining isn’t just about digging ore; it’s crucial for electric vehicles (EVs) and renewables, aligning with India’s push for green energy. Reliance Power’s $500 million FCCB for working capital shows the energy sector’s hunger for funds amid rising demand – India needs more power plants to avoid blackouts, especially with heatwaves becoming common.

Financial firms dominated too. India Infrastructure Finance Company borrowed $109 million for on-lending (basically, relending to other projects), while Toyota Financial Services and CreditAccess Grameen each took hefty sums for similar purposes. These are non-banking financial companies (NBFCs) that lend to small businesses and individuals. For the common man, this means easier access to car loans or microfinance, boosting consumer spending.

Manufacturing was another hot spot. Companies like Air Water India ($17.24 million for a new project) and Topre India ($3.4 million for capital goods imports) are in chemicals and metals. These borrowings help import advanced tech, making Indian products more competitive globally. Imagine a factory in Tamil Nadu using Japanese machinery to make car parts – it creates skilled jobs and reduces import dependence.

Purposes varied: About 40% went to working capital or general corporate needs – everyday cash for operations. Refinancing old debts accounted for 15%, a smart move when new loans have lower rates. Imports of capital goods (machines, equipment) made up another 20%, supporting “Make in India.” A few, like Agristo Masa’s $62.59 million for local sourcing, highlight domestic manufacturing push.

Lenders? Mostly foreign collaborators (parent companies abroad) or commercial banks. This shows trust in India’s stability – post-COVID, global banks like those from Japan and Europe are betting big here.

Key Facts: Foreign Borrowings by Leading Indian Companies – July 2025

Category	Details
Total Entries (Automatic Route)	130 borrowings across sectors including manufacturing, finance, and infrastructure.
Adani Group	Adani Airport Holdings borrowed $250 million (3 deals) for refinancing old ECBs and local capital goods purchases. Linked to India’s booming aviation sector.
Vedanta Limited	Borrowed $160 million for overseas joint ventures, supporting EVs and renewable energy push.
Reliance Power	Raised $500 million FCCB for working capital, highlighting rising energy demand.
Financial Sector	India Infrastructure Finance Company ($109 million) for on-lending; Toyota Financial Services & CreditAccess Grameen borrowed large sums for consumer and SME financing.
Manufacturing Sector	Air Water India ($17.24 million) for a new project; Topre India ($3.4 million) for importing capital goods.
Borrowing Purposes	~40% for working capital/general corporate needs; 15% for debt refinancing; 20% for importing capital goods; others like Agristo Masa ($62.59 million) for local sourcing.
Lenders	Predominantly foreign collaborators (parent companies) and international commercial banks, reflecting global confidence in India.

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Sector Breakdown: Where the Money Flows

Diving deeper, manufacturing sectors (machinery, chemicals, metals) grabbed over $500 million. This isn’t surprising; India’s manufacturing PMI (a growth indicator) hit 58 in July 2025, signaling expansion. Financial services took $1.2 billion, reflecting the sector’s role in funding everything from homes to startups.

Energy and infrastructure shone bright: NTPC’s $100 million for refinancing rupee loans, Sembcorp Green’s $95 million for capital goods, and Adani Ports’ $125 million for refinancing. India’s energy demand is skyrocketing – with EVs and data centers, we need more renewable power. These borrowings could add gigawatts to the grid, lowering electricity costs over time.

Transportation and logistics: BW Global’s $215 million for refinancing in water transport, and Interglobe Aviation (IndiGo)’s $102 million for aircraft imports. Air travel is rebounding; IndiGo’s fleet expansion means more affordable flights, benefiting middle-class families planning vacations.

Smaller but notable: Education (EXPM Learning’s $1.6 million), healthcare (American Institute of Pathology’s $7.16 million), and even food (Asandas and Sons’ $59.8 million for capital goods). These touch everyday life – better schools, hospitals, and food processing mean healthier, smarter citizens.

Key Facts: Sector-Wise External Borrowings – July 2025

Sector	Amount (USD)	Key Highlights
Manufacturing (Machinery, Chemicals, Metals)	$500+ million	Strong demand; India’s Manufacturing PMI hit 58 in July 2025, showing expansion.
Financial Services	$1.2 billion	Largest share; funding for housing, startups, and SME lending. Reflects sector’s dominance.
Energy & Infrastructure	~$320 million	NTPC ($100m refinancing rupee loans); Sembcorp Green ($95m capital goods); Adani Ports ($125m refinancing). Rising EVs & data centers drive demand.
Transportation & Logistics	~$317 million	BW Global ($215m refinancing in water transport); IndiGo ($102m for aircraft imports). Signals rebound in aviation and shipping.
Education	$1.6 million	EXPM Learning borrowed for education services, boosting training and skills.
Healthcare	$7.16 million	American Institute of Pathology borrowed for expansion, supporting better medical access.
Food & Processing	$59.8 million	Asandas & Sons raised funds for capital goods, aiding food processing and supply chains.

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Economic Implications: Growth Booster or Risky Bet?

Now, for the big picture: How does $3.32 billion in foreign borrowings affect India’s economy?

Positively, it’s a vote of confidence. Foreign inflows strengthen the rupee, which traded around 82 to the dollar in July 2025. A stronger rupee makes imports cheaper – think lower petrol prices if oil is imported. It also eases inflation, currently hovering at 5%, by reducing costs for businesses.

For markets, this is bullish. The Sensex crossed 85,000 in August 2025, partly on strong corporate earnings. Borrowings like Reliance’s could lift stock prices in energy and infra sectors. Investors love companies with cheap funding; it means higher profits and dividends. Mutual funds exposed to NBFCs or manufacturing might see gains.

Job creation is key for the common man. Manufacturing borrowings could add thousands of factory jobs in states like Gujarat and Maharashtra. Infrastructure loans mean construction booms – roads, airports, ports – employing laborers and engineers. A McKinsey report estimates India’s infra push could create 90 million jobs by 2030; these ECBs are fuel for that.

On the flip side, risks lurk. Too much foreign debt exposes us to global shocks – if US interest rates rise (Fed’s at 4.5% now), repayments get costlier, straining companies. The rupee’s volatility (it dipped 2% last quarter) could amplify this. Remember the 2013 taper tantrum when foreign outflows hammered emerging markets? RBI’s forex reserves at $650 billion provide a buffer, but vigilance is needed.

Also, sector concentration: Heavy reliance on finance and energy might overlook agriculture or MSMEs, where credit is tight. The government could encourage more ECBs there via policy tweaks.

Globally, this fits India’s ambition to be a $5 trillion economy by 2027. With FDI inflows at $70 billion last year, ECBs complement that. Compared to China ($200 billion annual borrowings), we’re cautious, but growing. Post-G20, India’s appeal as a supply chain alternative to China draws lenders.

Key Facts: Impact of $3.32 Billion Foreign Borrowings – July 2025

Category	Details
Confidence in Economy	Foreign inflows show global trust; strengthen the rupee (₹82/USD in July 2025).
Inflation Impact	Stronger rupee makes imports (like oil) cheaper, easing inflation (hovering at 5%).
Stock Market Boost	Sensex crossed 85,000 (Aug 2025); borrowings by Reliance & infra firms lifted investor sentiment.
Corporate Profits	Cheaper foreign loans = higher margins, dividends, and stronger balance sheets.
Mutual Fund Gains	Sectors like NBFCs, energy, and manufacturing could see higher NAVs due to stronger earnings.
Job Creation	Manufacturing & infra loans = factory jobs in Gujarat/Maharashtra + construction jobs nationwide. McKinsey projects 90 million infra jobs by 2030.
Risks: Debt Exposure	Heavy foreign borrowings riskier if US Fed hikes rates (currently 4.5%). Repayments may rise.
Rupee Volatility	Rupee dipped 2% last quarter; high foreign debt can worsen currency shocks. RBI’s $650 billion forex reserves act as buffer.
Sector Imbalance	Finance & energy dominate; MSMEs & agriculture see limited ECB flows. Policy push needed.
Global Positioning	Aligns with India’s $5 trillion economy goal by 2027; complements $70B FDI inflows. ECBs smaller than China’s $200B/year but rising post-G20 momentum.

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Market Reactions and Future Outlook

Stock markets reacted positively; Adani stocks rose 3% post-data release, while banking indices gained on lending prospects. Bond yields dipped slightly, signaling cheaper domestic borrowing too.

Looking ahead, with monsoon boosting agriculture and festive season demand, expect more ECBs in Q3 2025. RBI might relax norms for green projects, aligning with net-zero goals. For investors, watch sectors like renewables and aviation – they’re borrowing hotspots.

For the average Indian, this means progress: Cheaper loans trickle down to lower EMIs, more jobs reduce unemployment (at 7% urban), and better infra eases commutes. But sustainable growth needs balanced borrowing – not too much, not too little.

In summary, July’s $3.32 billion ECB surge underscores India’s economic resilience amid global uncertainties like US elections and Middle East tensions. It’s a story of ambition, from small firms like Nortels Service Apartments ($36,809 for working capital) to giants like Adani. As we navigate this, remember: Foreign money builds bridges, but smart policies ensure they lead to prosperity for all.

Key Facts: July 2025 ECB Surge and Its Broader Impact

Category	Details
Market Reaction	Adani stocks rose 3%; banking indices gained; bond yields dipped, signaling cheaper domestic borrowing.
Future Outlook (Q3 2025)	More ECBs expected with monsoon boosting agriculture and festive demand. RBI may ease norms for green projects under net-zero goals.
Sectors to Watch	Renewables and aviation remain hotspots for fresh borrowings.
Impact on Common People	Cheaper loans → lower EMIs; job creation helps reduce urban unemployment (7%); infra growth eases commutes.
Risks of Over-Borrowing	Sustainable growth requires balance – too much foreign debt can expose economy to shocks.
Global Context	India’s resilience stands out amid US elections and Middle East tensions.
Borrower Spectrum	From small firms like Nortels Service Apartments ($36,809) to giants like Adani Group.
Big Picture	$3.32 billion ECB surge highlights India’s ambition and resilience; foreign funds fuel growth, but smart policies ensure long-term prosperity.

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Deeper Sector Analysis

Let’s zoom in on manufacturing, which took nearly 30% of funds. Firms like Alpla India ($5.84 million for modernization) make plastics – essential for packaging in e-commerce. With Amazon and Flipkart booming, this supports logistics jobs. Similarly, Phoenix Contact’s $7 million for modernization in electronics aids India’s chip ambitions under the PLI scheme.

Financial sector borrowings, over $1 billion, highlight NBFC stress post-IL&FS crisis but recovery. HDB Financial’s $150 million from an Indian bank abroad shows innovative funding. This could lower lending rates for home loans (average 8.5%), making housing affordable.

Energy: Sembcorp and Bagpat Green’s $99 million combined for renewables. India’s solar capacity hit 70 GW; these funds push towards 500 GW by 2030, reducing coal dependence and pollution.

Key Facts: Sectoral Highlights of ECBs – July 2025

Sector	Amount (USD)	Key Highlights
Manufacturing	Nearly 30% of total	– Alpla India: $5.84m for modernization (plastics, e-commerce packaging). – Phoenix Contact: $7m for modernization (electronics, supports chip ambitions under PLI scheme). – Boosts logistics jobs & tech competitiveness.
Financial Sector	$1+ billion	– Reflects NBFC recovery post-IL&FS crisis. – HDB Financial: $150m from Indian bank abroad (innovative funding). – Could lower lending rates (housing loans ~8.5%), improving affordability.
Energy & Renewables	$99m (Sembcorp & Bagpat Green)	– Funds earmarked for solar & renewables. – India’s solar capacity at 70 GW, target 500 GW by 2030. – Reduces coal reliance and pollution.

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Broader Economic Context

India’s current account deficit widened to 1.5% of GDP in Q1 2025, partly due to imports. ECBs help finance this without depleting reserves. But with global rates high, all-in costs (interest + hedging) average 7-8%, comparable to domestic.

For markets, forex inflows support rupee stability, aiding exporters like IT firms (TCS, Infosys). Stock volatility? Low, with VIX at 14. Analysts predict Sensex at 90,000 by year-end if inflows continue.

Common man angle: Rising borrowings mean corporate growth, but trickle-down takes time. Wages in manufacturing rose 5% y-o-y; more jobs could push that higher. However, if debt defaults rise (unlikely at 2% NPA), banks tighten, affecting personal loans.

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RBI Data on ECB/FCCB for July 2025

AUTOMATIC ROUTE*
S.no.	ECB/ FCCB	Borrower	Economic sector of borrower	Equivalent Amount in USD	Purpose	Maturity period	Lender Category
1	ECB	Nortels Service Apartments Private Limited	Accommodation	36,809.50	Working Capital/General Corporate Purpose	6 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
2	ECB	India Infrastructure Finance Company Limited	Financial service activities, except insurance and pension funding	10,89,64,578.71	On-Lending or Sub-Lending	5 Years	Other Commercial Bank
3	ECB	CEM Scientific India Private Limited	Wholesale trade except of motor vehicles and motorcycles	8,01,257.66	Working Capital/General Corporate Purpose	5 Years 1 Month	Foreign Collaborator/ Foreign Equity Holder
4	ECB	Bicelli Geco Hydraulics India Private Limited	Manufacture of machinery and equipment n.e.c.	2,32,248.60	Working Capital/General Corporate Purpose	8 Years 8 Months	Foreign Collaborator/ Foreign Equity Holder
5	ECB	Threeb Electronics Private Limited	Manufacture of electrical equipment	35,70,000.00	Import of Capital Goods	8 Years 1 Month	Foreign Collaborator/ Foreign Equity Holder
6	ECB	Regency Textrade Private Limited	Wholesale trade except of motor vehicles and motorcycles	4,50,000.00	Working Capital/General Corporate Purpose	10 Years	Foreign Collaborator/ Foreign Equity Holder
7	ECB	NS Instrument India Private Limited	Manufacture of motor vehicles trailers and semi-trailers	40,24,334.30	Modernisation	10 Years 8 Months	Foreign Collaborator/ Foreign Equity Holder
8	ECB	Air Water India Pvt Ltd	Manufacture of chemicals and chemical products	1,72,40,000.00	New Project	2 Years	Other Commercial Bank
9	ECB	Topre India Pvt Ltd.	Manufacture of fabricated metal products, except machinery and equipment	34,05,143.08	Import of Capital Goods	7 Years 11 Months	Foreign Collaborator/ Foreign Equity Holder
10	ECB	Adani Airport Holdings Limited	Warehousing and support activities for transportation	10,00,00,000.00	Refinancing of Earlier ECB	3 Years 6 Months	Other Commercial Bank
11	ECB	Yanmar Agricultural Machinery India Private Limited	Manufacture of machinery and equipment n.e.c.	22,95,066.44	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
12	ECB	Yanmar Agricultural Machinery India Private Limited	Manufacture of machinery and equipment n.e.c.	5,84,337.72	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
13	ECB	Nexstechnow.Ai Solutions Private Limited	Computer programming consultancy and related activities	7,50,000.00	Working Capital/General Corporate Purpose	5 Years 11 Months	Foreign Collaborator/ Foreign Equity Holder
14	ECB	EXPM Learning India Private Limited	Education	16,35,632.41	Working Capital/General Corporate Purpose	6 Years 7 Months	Foreign Collaborator/ Foreign Equity Holder
15	ECB	BW Global United LPG India Private Limited	Water transport	21,50,00,000.00	Refinancing of Earlier ECB	7 Years 1 Month	Other Commercial Bank
16	ECB	Alpla India Private Limited	Manufacture of rubber and plastics products	58,43,377.20	Modernisation	6 Years 9 Months	Foreign Collaborator/ Foreign Equity Holder
17	ECB	Techila Entertainment Private Limited	Food and beverage service activities	20,00,000.00	Local Sourcing of Capital Goods (Rupee Expenditure)	10 Years	Others (Specify)
18	ECB	Phoenix Contact India Private Limited	Other manufacturing	70,12,052.64	Modernisation	6 Years	Foreign Collaborator/ Foreign Equity Holder
19	ECB	Wacoal India Private Limited	Retail trade except of motor vehicles and motorcycles	14,98,262.96	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
20	ECB	Zschimmer & Schwarz India Private Limited	Manufacture of chemicals and chemical products	10,51,807.90	Working Capital/General Corporate Purpose	7 Years	Foreign Collaborator/ Foreign Equity Holder
21	ECB	Zschimmer & Schwarz India Private Limited	Manufacture of chemicals and chemical products	4,44,096.67	New Project	4 Years	Foreign Collaborator/ Foreign Equity Holder
22	ECB	Voss Automotive India Pvt Ltd.	Manufacture of motor vehicles trailers and semi-trailers	4,06,435.04	Modernisation	7 Years 7 Months	Foreign Collaborator/ Foreign Equity Holder
23	ECB	Executive Centre India Limited	Office administrative support and other business activities	3,00,00,000.00	Working Capital/General Corporate Purpose	28 Years 4 Months	Foreign Collaborator/ Foreign Equity Holder
24	ECB	Toppan Speciality Films Private Limited	Manufacture of rubber and plastics products	31,00,000.00	Modernisation	6 Years 11 Months	Foreign Collaborator/ Foreign Equity Holder
25	ECB	Rosti Integrated Manufacturing Solutions (India) Private Limited	Manufacture of rubber and plastics products	6,00,000.00	Local Sourcing of Capital Goods (Rupee Expenditure)	7 Years 6 Months	Foreign Collaborator/ Foreign Equity Holder
26	ECB	Krones Machinery India Pvt. Ltd.	Manufacture of machinery and equipment n.e.c.	1,16,12,429.80	New Project	15 Years	Others (Specify)
27	ECB	Toyota Financial Services India Ltd	Financial service activities, except insurance and pension funding	20,00,00,000.00	On-Lending or Sub-Lending	7 Years 3 Months	Foreign Collaborator/ Foreign Equity Holder
28	ECB	Savannah Tank & Equipment Private Limited	Manufacture of machinery and equipment n.e.c.	5,00,000.00	Working Capital/General Corporate Purpose	5 Years 4 Months	Foreign Collaborator/ Foreign Equity Holder
29	ECB	Niedax India Cable Management Systems Private Limited	Manufacture of fabricated metal products, except machinery and equipment	4,00,855.68	Local Sourcing of Capital Goods (Rupee Expenditure)	3 Years	Foreign Collaborator/ Foreign Equity Holder
30	ECB	Toppan Speciality Films Private Limited	Manufacture of rubber and plastics products	1,09,15,428.61	Modernisation	6 Years 11 Months	Foreign Collaborator/ Foreign Equity Holder
31	ECB	Cleanergy Tech Solutions Private Limited	Electricity gas steam and air conditioning supply	1,16,114.23	Working Capital/General Corporate Purpose	5 Years 5 Months	Others (Specify)
32	ECB	Liquitec Machineries Private Limited	Manufacture of machinery and equipment n.e.c.	1,74,186.45	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
33	ECB	Malhotra Realty Private Limited	Construction of buildings	13,51,067.03	Working Capital/General Corporate Purpose	10 Years	Foreign Collaborator/ Foreign Equity Holder
34	ECB	Akara Capital Advisors Private Limited	Financial service activities, except insurance and pension funding	4,97,404.40	On-Lending or Sub-Lending	3 Years 2 Months	Foreign Collaborator/ Foreign Equity Holder
35	ECB	Serenial Technology Private Limited	Other manufacturing	1,10,000.00	New Project	10 Years	Foreign Collaborator/ Foreign Equity Holder
36	ECB	Sparkle Cleantech Pvt Ltd	Manufacture of machinery and equipment n.e.c.	13,20,000.00	Working Capital/General Corporate Purpose	7 Years	Foreign Collaborator/ Foreign Equity Holder
37	ECB	Mitsunami India Private Limited	Wholesale trade except of motor vehicles and motorcycles	1,36,205.72	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
38	ECB	Vedanta Limited	Mining of metal ores	4,50,00,000.00	Overseas Investment in JV/WOS	4 Years	Other Commercial Bank
39	ECB	Katsura Roller (India) Private Limited	Manufacture of rubber and plastics products	3,40,514.31	Import of Capital Goods	9 Years 11 Months	Foreign Collaborator/ Foreign Equity Holder
40	ECB	Plansee India High Performance Materials Private Limited	Manufacture of basic metals	70,12,052.64	Working Capital/General Corporate Purpose	6 Years 7 Months	Foreign Collaborator/ Foreign Equity Holder
41	ECB	Siemens Financial Services Private Limited	Financial service activities, except insurance and pension funding	1,16,12,429.80	On-Lending or Sub-Lending	5 Years	Foreign Collaborator/ Foreign Equity Holder
42	ECB	Bigbox Packaging Products Private Limited	Manufacture of paper and paper products	10,94,810.60	Working Capital/General Corporate Purpose	7 Years	Foreign Collaborator/ Foreign Equity Holder
43	ECB	Asandas and Sons private limited	Manufacture of food products	5,98,45,014.73	Import of Capital Goods	11 Years 7 Months	Other Commercial Bank
44	ECB	Schaeffler Global Services India Private Limited	Computer programming consultancy and related activities	22,06,361.66	Working Capital/General Corporate Purpose	7 Years	Foreign Collaborator/ Foreign Equity Holder
45	ECB	Track Design India Private Limited	Manufacture of machinery and equipment n.e.c.	21,88,315.20	Working Capital/General Corporate Purpose	7 Years 1 Month	Foreign Collaborator/ Foreign Equity Holder
46	ECB	Jaeger Products Private Limited	Manufacture of textiles	8,76,506.58	New Project	12 Years 3 Months	Foreign Collaborator/ Foreign Equity Holder
47	ECB	Aisin Automotive Haryana Private Limited	Manufacture of motor vehicles trailers and semi-trailers	58,06,214.90	Refinancing of Earlier ECB	5 Years	Foreign Collaborator/ Foreign Equity Holder
48	ECB	Aisin Automotive Haryana Private Limited	Manufacture of motor vehicles trailers and semi-trailers	98,70,565.33	Local Sourcing of Capital Goods (Rupee Expenditure)	1 Year	Foreign Collaborator/ Foreign Equity Holder
49	ECB	Simaero India Private Limited	Other professional scientific and technical activities	5,84,337.72	Working Capital/General Corporate Purpose	5 Years 2 Months	Foreign Collaborator/ Foreign Equity Holder
50	ECB	Marchesini Group India Private Limited	Other professional scientific and technical activities	11,68,675.44	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
51	ECB	Mucom India Private Limited	Manufacture of textiles	3,40,514.31	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
52	ECB	Creditaccess Grameen Limited	Financial service activities, except insurance and pension funding	1,47,79,594.00	On-Lending or Sub-Lending	3 Years 4 Months	Other Commercial Bank
53	ECB	Trusted Aerospace Engineering Private Limited	Other manufacturing	29,46,931.99	Import of Capital Goods	6 Years 9 Months	Leasing Company
54	ECB	Trusted Aerospace Engineering Private Limited	Other manufacturing	13,34,816.09	Import of Capital Goods	6 Years 4 Months	Leasing Company
55	ECB	Veeglow Industries Private Limited	Manufacture of rubber and plastics products	2,00,000.00	Working Capital/General Corporate Purpose	12 Years	Others (Specify)
56	ECB	Veeglow Industries Private Limited	Manufacture of rubber and plastics products	6,00,000.00	Local Sourcing of Capital Goods (Rupee Expenditure)	12 Years	Others (Specify)
57	ECB	Messe Berlin India Private Limited	Office administrative support and other business activities	6,31,084.74	Working Capital/General Corporate Purpose	7 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
58	ECB	Quantum Magnetics Private Limited	Other manufacturing	50,00,000.00	Working Capital/General Corporate Purpose	13 Years 2 Months	Others (Specify)
59	ECB	Taitron Energy International Private Limited	Manufacture of motor vehicles trailers and semi-trailers	5,00,000.00	Working Capital/General Corporate Purpose	5 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
60	ECB	Komos Automotive India Pvt Ltd	Manufacture of motor vehicles trailers and semi-trailers	40,78,980.71	New Project	2 Years	Other Commercial Bank
61	ECB	Daiki Axis India Private Limited	Manufacture of machinery and equipment n.e.c.	15,00,000.00	Working Capital/General Corporate Purpose	7 Years 8 Months	Foreign Collaborator/ Foreign Equity Holder
62	ECB	Toyomura Electronics India Private Limited	Manufacture of computer electronic and optical products	1,36,205.72	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
63	ECB	Indkosquare Global Engineering Private Limited	Retail trade except of motor vehicles and motorcycles	5,00,000.00	Working Capital/General Corporate Purpose	9 Years	Foreign Collaborator/ Foreign Equity Holder
64	ECB	Buen Manejo Del Campo India Private Limited	Manufacture of machinery and equipment n.e.c.	30,00,000.00	Working Capital/General Corporate Purpose	6 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
65	ECB	Paracom Electronics India Private Limited	Wholesale trade except of motor vehicles and motorcycles	2,00,000.00	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
66	ECB	Drspallet India Private Limited	Manufacture of basic metals	1,51,201.00	Working Capital/General Corporate Purpose	14 Years 11 Months	Foreign Collaborator/ Foreign Equity Holder
67	ECB	DDC Outsourcing Solutions Private Limited	Office administrative support and other business activities	6,75,533.51	Modernisation	5 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
68	ECB	American Institute of Pathology and Laboratory Sciences Private Limited	Human health activities	71,65,776.92	Working Capital/General Corporate Purpose	7 Years	Foreign Collaborator/ Foreign Equity Holder
69	ECB	Micronclean India Private Limited	Rental and leasing activities	13,47,041.86	Working Capital/General Corporate Purpose	12 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
70	ECB	Sembcorp Green Infra Private Limited	Electricity gas steam and air conditioning supply	9,53,44,006.37	Import of Capital Goods	5 Years	Other Commercial Bank
71	ECB	Adani Ports and Special Economic Zone Limited (APSEZL)	Warehousing and support activities for transportation	12,50,00,000.00	Refinancing of Earlier ECB	4 Years	Other Commercial Bank
72	ECB	Ohsung India Pvt. Ltd.	Manufacture of motor vehicles trailers and semi-trailers	50,00,000.00	New Project	5 Years	Foreign Collaborator/ Foreign Equity Holder
73	ECB	Mcgean India Chemicals Private Limited	Manufacture of chemicals and chemical products	10,00,000.00	New Project	6 Years	Foreign Collaborator/ Foreign Equity Holder
74	ECB	CSA India Private Limited	Architecture and engineering activities; technical testing and analysis	66,19,084.99	New Project	11 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
75	ECB	Agristo Masa Private Limited	Manufacture of food products	6,25,94,283.46	Local Sourcing of Capital Goods (Rupee Expenditure)	9 Years 11 Months	Other Commercial Bank
76	ECB	2022 ES Discovery India Pvt. Ltd.	Manufacture of chemicals and chemical products	45,00,000.00	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
77	ECB	Ammega Belting India Pvt. Ltd.	Manufacture of rubber and plastics products	20,32,175.22	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
78	ECB	Owens Corning Insulation (India) Private Limited	Manufacture of other non-metallic mineral products	10,00,000.00	Working Capital/General Corporate Purpose	5 Years 1 Month	Foreign Collaborator/ Foreign Equity Holder
79	ECB	Gruner India Private Limited	Manufacture of computer electronic and optical products	10,51,807.90	Working Capital/General Corporate Purpose	7 Years	Foreign Collaborator/ Foreign Equity Holder
80	ECB	HL Klemove India Private Limited	Manufacture of motor vehicles trailers and semi-trailers	81,80,728.08	Import of Capital Goods	5 Years	Other Commercial Bank
81	ECB	Adani Airport Holdings Limited	Warehousing and support activities for transportation	10,00,00,000.00	Local Sourcing of Capital Goods (Rupee Expenditure)	3 Years 6 Months	Other Commercial Bank
82	ECB	Adani Airport Holdings Limited	Warehousing and support activities for transportation	5,00,00,000.00	Refinancing of Earlier ECB	3 Years 6 Months	Other Commercial Bank
83	ECB	Credila Financial Services Limited	Financial service activities, except insurance and pension funding	10,00,00,000.00	On-Lending or Sub-Lending	5 Years 2 Months	Multilateral Financial Institution
84	ECB	Samhyun Motions and Controls India Private Limited	Manufacture of motor vehicles trailers and semi-trailers	3,20,000.00	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
85	ECB	Samhyun Motions and Controls India Private Limited	Manufacture of motor vehicles trailers and semi-trailers	8,00,000.00	New Project	3 Years	Foreign Collaborator/ Foreign Equity Holder
86	ECB	Hokuto India Private Limited	Manufacture of machinery and equipment n.e.c.	11,61,242.98	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
87	ECB	Vedanta Limited	Mining of metal ores	11,50,00,000.00	Overseas Investment in JV/WOS	4 Years	Other Commercial Bank
88	ECB	Credila Financial Services Limited	Financial service activities, except insurance and pension funding	65,00,00,000.00	On-Lending or Sub-Lending	5 Years 2 Months	Other Commercial Bank
89	ECB	Flexitallic India Private Limited	Wholesale trade except of motor vehicles and motorcycles	15,00,000.00	Import of Capital Goods	6 Years 4 Months	Foreign Collaborator/ Foreign Equity Holder
90	ECB	Stemztech Industries Private Limited	Manufacture of basic metals	1,50,000.00	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
91	ECB	Jtekt India Limited	Manufacture of motor vehicles trailers and semi-trailers	34,67,000.00	Local Sourcing of Capital Goods (Rupee Expenditure)	5 Years	Other Commercial Bank
92	ECB	Mscapi Engineering Private Limited	Manufacture of chemicals and chemical products	2,20,636.17	Working Capital/General Corporate Purpose	5 Years 1 Month	Foreign Collaborator/ Foreign Equity Holder
93	ECB	Bagpat Green Energy Private Limited	Electricity gas steam and air conditioning supply	40,00,000.00	Working Capital/General Corporate Purpose	15 Years	Foreign Collaborator/ Foreign Equity Holder
94	ECB	Vulcan Forge Private Limited	Manufacture of fabricated metal products, except machinery and equipment	22,44,922.30	Refinancing of Rupee Loans	7 Years	Foreign Collaborator/ Foreign Equity Holder
95	ECB	Hema Walter India Private Limited	Manufacture of machinery and equipment n.e.c.	2,33,735.09	Working Capital/General Corporate Purpose	9 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
96	ECB	Mavi Corporate India Private Limited	Activities of head offices; management consultancy activities	63,868.36	Working Capital/General Corporate Purpose	5 Years 1 Month	Foreign Collaborator/ Foreign Equity Holder
97	ECB	Standex Electronics India Pvt. Ltd	Other manufacturing	5,99,305.18	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
98	ECB	Nationwide Global Services Center Private Limited	Information service activities	70,00,000.00	New Project	5 Years	Foreign Collaborator/ Foreign Equity Holder
99	ECB	GGDB Trading Private Limited	Retail trade except of motor vehicles and motorcycles	17,41,864.47	Import of Capital Goods	7 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
100	FCCB	Reliance Power Limited	Electricity gas steam and air conditioning supply	50,00,00,000.00	Working Capital/General Corporate Purpose	10 Years 5 Months	Others (Specify)
101	ECB	Exactura Measurement India Private Limited	Manufacture of computer electronic and optical products	12,00,000.00	Working Capital/General Corporate Purpose	5 Years 8 Months	Foreign Collaborator/ Foreign Equity Holder
102	ECB	Vulcan Cold Forge Private Limited	Manufacture of fabricated metal products, except machinery and equipment	13,36,253.06	Refinancing of Rupee Loans	7 Years	Foreign Collaborator/ Foreign Equity Holder
103	ECB	HDB Financial Services Ltd.	Financial service activities, except insurance and pension funding	15,00,00,000.00	On-Lending or Sub-Lending	3 Years	Indian Commercial Bank Branch Abroad
104	ECB	Feinmetall India Private Limited	Wholesale trade except of motor vehicles and motorcycles	1,75,301.32	Working Capital/General Corporate Purpose	12 Years 4 Months	Foreign Collaborator/ Foreign Equity Holder
105	ECB	Kyowa Precision Industries Private Limited	Manufacture of rubber and plastics products	19,88,603.56	New Project	2 Years	Foreign Collaborator/ Foreign Equity Holder
106	ECB	Renesas Design India Private Limited	Computer programming consultancy and related activities	29,03,107.45	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
107	ECB	Spohn Burkhardt India Manufacturing Private Limited	Manufacture of electrical equipment	5,84,337.72	Working Capital/General Corporate Purpose	8 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
108	ECB	Aravali Smart Grid Private Ltd	Electricity gas steam and air conditioning supply	2,32,24,859.61	Working Capital/General Corporate Purpose	9 Years	Foreign Collaborator/ Foreign Equity Holder
109	ECB	ACEDS Pvt. Ltd	Manufacture of machinery and equipment n.e.c.	20,00,000.00	Working Capital/General Corporate Purpose	3 Years 1 Month	Others (Specify)
110	ECB	Nagata Auto Engineering India Private Limited	Manufacture of motor vehicles trailers and semi-trailers	18,38,777.27	Local Sourcing of Capital Goods (Rupee Expenditure)	10 Years	Other Commercial Bank
111	ECB	Nagata India Private Limited	Manufacture of fabricated metal products, except machinery and equipment	40,86,171.70	Local Sourcing of Capital Goods (Rupee Expenditure)	10 Years	Other Commercial Bank
112	ECB	Breck Technologies India Private Limited	Manufacture of electrical equipment	50,000.00	Working Capital/General Corporate Purpose	7 Years	Foreign Collaborator/ Foreign Equity Holder
113	ECB	Fukunami Machinery India Private Limited	Wholesale trade except of motor vehicles and motorcycles	2,04,308.59	Working Capital/General Corporate Purpose	15 Years	Foreign Collaborator/ Foreign Equity Holder
114	ECB	Toyota Financial Services India Ltd	Financial service activities, except insurance and pension funding	3,60,00,000.00	On-Lending or Sub-Lending	3 Years	Other Commercial Bank
115	ECB	ZLN (India) Private Limited	Warehousing and support activities for transportation	10,00,000.00	Working Capital/General Corporate Purpose	5 Years 4 Months	Foreign Collaborator/ Foreign Equity Holder
116	ECB	Tcaamano India Private Limited	Other professional scientific and technical activities	2,33,735.09	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
117	ECB	Jacarti Jewellery Private Limited	Other manufacturing	23,84,031.84	Working Capital/General Corporate Purpose	10 Years	Foreign Collaborator/ Foreign Equity Holder
118	ECB	R.A.K. Ceramics India Pvt. Ltd.	Manufacture of other non-metallic mineral products	40,00,000.00	Working Capital/General Corporate Purpose	7 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
119	ECB	Tata Capital Limited	Financial service activities, except insurance and pension funding	10,00,00,000.00	Refinancing of Earlier ECB	3 Years	Other Commercial Bank
120	ECB	Interglobe Aviation Limited	Air transport	10,20,00,000.00	Import of Capital Goods	10 Years 2 Months	Leasing Company
121	ECB	Belgadia Enterprises Private Limited	Wholesale trade except of motor vehicles and motorcycles	87,093.22	Local Sourcing of Capital Goods (Rupee Expenditure)	7 Years 8 Months	Foreign Collaborator/ Foreign Equity Holder
122	ECB	Aesengineering Solar Private Limited	Electricity gas steam and air conditioning supply	1,89,149.38	Refinancing of Rupee Loans	9 Years 5 Months	Foreign Collaborator/ Foreign Equity Holder
123	ECB	Opticsfit Private Limited	Wholesale trade except of motor vehicles and motorcycles	1,16,124.30	Working Capital/General Corporate Purpose	11 Years 8 Months	Others (Specify)
124	ECB	Tecinpet Solutions Private Limited	Manufacture of rubber and plastics products	4,09,036.40	Local Sourcing of Capital Goods (Rupee Expenditure)	9 Years 8 Months	Foreign Collaborator/ Foreign Equity Holder
125	ECB	Global OTO Private Limited	Manufacture of motor vehicles trailers and semi-trailers	20,00,000.00	Working Capital/General Corporate Purpose	5 Years	Foreign Collaborator/ Foreign Equity Holder
126	ECB	OVS India Retail Private Limited	Retail trade except of motor vehicles and motorcycles	8,76,506.58	Working Capital/General Corporate Purpose	7 Years	Foreign Collaborator/ Foreign Equity Holder
Total (Automatic Route)				3,22,04,84,670.18
Approval Route-
127	ECB	NTPC Limited	Electricity gas steam and air conditioning supply	10,07,92,235.30	Refinancing of Rupee Loans	8 Years	Other Commercial Bank
Total (Approval Route)				10,07,92,235.30
Total (Auto+Approval)				3,32,12,76,905.48

Data on RDB for the month of July 2025
I AUTOMATIC ROUTE*
	RDB	Borrower	Economic sector of borrower	Loan Amount in INR	Equivalent Amount in USD	Purpose	Maturity Period (Appx)	Lender Category
1
		Total Automatic Route			–
II APPROVAL ROUTE*
		Total Approval Route
		Total
* Based on applications for Rupee Denominated Bond which have been allotted loan registration number during the period.

Challenges and Policy Suggestions

Challenges: Maturity mismatches – short-term needs with long-term loans. RBI’s 3-year minimum helps, but monitoring is key. Geopolitical risks: If US-China trade war escalates, lenders pull back.

Suggestions: Government could incentivize ECBs for SMEs via guarantees. Promote RDBs for rupee stability. Integrate with Atmanirbhar Bharat for local sourcing.

Case Studies

Take Aisin Automotive’s $15.67 million: For auto parts, supporting EV shift. Jobs in Haryana factories benefit locals.

Or Credila’s $750 million for education loans: Helps students afford college, building skilled workforce.

Global Comparison

US firms borrow trillions domestically; India relies more on foreign due to shallow bond markets. But our ECB framework is robust, per World Bank.

Conclusion Expanded

This data isn’t just numbers – it’s India’s growth story. From villages getting power to cities with better airports, ECBs drive change. Stay tuned; October data might show even more.