Indian companies file ECB plans worth $3.58 billion in July 2024
Source: Business Standard
Indian firms, including non-banking financial companies, have filed proposals in July 2024 with the Reserve Bank of India (RBI) to raise $3.58 billion through External Commercial Borrowings (ECBs). The entire funding to be raised is through the automatic route.
According to RBI data, among the prominent firms which have filed intent are ONGC Videsh Ltd for $800 million to be raised from an overseas branch of an Indian commercial bank. It is a five-year ECB for refinancing earlier borrowings. Sael Ltd, which is in the electricity, gas, steam, and air conditioning supply space, has filed intent for $280 million for on-lending.
TP Solar Ltd, a Tata group company engaged in manufacturing electrical equipment, is planning a $250 million ECB for a new project. Piramal Capital & Housing Finance Ltd has filed for ECBs worth $300 million to be raised from the international capital market. HDB Financial Services, a subsidiary of HDFC Bank, has filed for a $250 million ECB.
The registrations for ECBs by Indian companies almost doubled to $49.2 billion in the year ended March 2024 (FY24) from $26.6 billion in FY23. The disbursement in ECBs was also over 60 per cent higher at $38.4 billion in FY24 compared to $23.8 billion in FY23, according to RBI.
First Published: Sep 16 2024 | 9:11 PM IST
