Indian companies, including non-banking financial companies (NBFCs), filed proposals with the Reserve Bank of India (RBI) to raise $7.696 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in July 2026. This was up from $6.09 billion in June.
Of the total, $6.91 billion worth of proposals were through the automatic route, while $780 million was approved through the special route, RBI data showed. Among the prominent firms that filed their intent in July was Flipkart Internet Pvt Ltd, which is planning to raise nearly $712 million from a foreign equity holder for a period of three years. RRP Electronics Ltd plans to raise $650 million for importing capital goods for a period of five years from a non-resident financial institution.
ONGC Videsh is planning to raise $325 million for overseas investment through a financial institution in IFSC for a period of five years. Apart from that, Continuum Green Energy plans to raise $455.53 million for refinancing rupee loans from a financial institution in IFSC for a period of five years.
Avaada Ventures plans to raise $350 million for refinancing rupee loans for a period of four years from a financial institution in IFSC. Nuclear Power Corporation of India is looking to raise $100 million for a new project from a financial institution in IFSC for a period of five years and two months.
Among NBFCs, Housing and Urban Development Corporation is planning to raise $500 million and $228.5 million separately for on-lending and sub-lending activities and refinancing rupee loans, respectively. For refinancing rupee loans, it is planning to raise funds from a foreign government-owned development financial institution for a period of 11 years and nine months, while raising funds from a financial institution in IFSC for on-lending and sub-lending activities for a period of five years. It is also raising another $200 million for a period of five years from a financial institution in IFSC.
Separately, the company is also raising another $126.18 million as well as $500 million from a financial institution in IFSC for a period of five years each for refinancing rupee loans.
Another leading NBFC, Tata Capital, is looking to raise $500 million for refinancing rupee loans from the international capital market for a period of three years and six months. IIFL Finance is also looking to raise $300 million for on-lending and sub-lending activities for a period of four years from the international capital market.
Power Finance Corporation seeks to raise $300 million for general corporate purposes from the international capital market for a period of three years. Capri Global is also looking to raise $300 million for on-lending or sub-lending purposes from the international capital market for a period of three years and three months. Godrej Finance is looking to raise $200 million for on-lending or sub-lending activities from a financial institution in IFSC for a period of three years and one month.
Also, Air India Limited is planning to raise $339.75 million under special permission from a non-resident financial institution for a period of three years for general corporate purposes and another $134.35 million from a leasing company for a period of 12 years for the import of capital goods. Also, InterGlobe Aviation is looking to raise $104 million and $108 million for periods of 12 years and one month and 12 years and two months, respectively, from a leasing company for the import of capital goods.
