Mumbai: In a strong indication of increasing investment in India’s private sector, manufacturing and finance companies were approved to raise a record of $ 11 billion in March 2025 through the External Commercial Lends (ECB). It marks the highest monthly ECB flow in more than five years according to data released by RBI.Of the total amount, about 8.3 billion dollars were approved via automated route, while approximately $ 2.7 billion was approved via the approval route. The increase in ECB highlights India’s economic possibilities and increasing confidence in the ability to attract foreign capital.Several major companies were among the top recipients of ECB approval in March. Yuzan Technology (India), a subsidiary of Taiwan’s Foxconn Group, was approved to raise $ 220 million for working capital needs. Established in late 2023, Yuzan focuses on the manufacture of computers, electronic and optical products.
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JSW Steel first received approval to raise $ 900 million to reiterate ECB, while ONGC VIDESH and MRPL were approved to raise $ 450 million and $ 500 million respectively for each similar refinance purposes. The Power Finance Corporation received approval to raise $ 250 million for online, and the Indian was first approved to raise $ 400 million to reiterate the ECB.Other companies were approved to borrow, which included Tata Semiconductor, which raised $ 625 million for a new project and approval for India’s Nuclear Energy Corporation, which was approved for $ 511 million. JSW NEO received approval to raise $ 675 million for investment in foreign joint ventures, while Hero Fincorp and Nissan Renault Financial Services received approval for $ 250 million and $ 233 million respectively, respectively, for online.For the entire financial year, the amount of the total ECB proposals was $ 61.8 billion, a significant increase from $ 49 billion raised in FY 2014. There were about half approval for ECB by financial services companies.The top 10 recipients of ECB approval in FY25 include major companies such as Reliance Industries, Power Finance Corporation and JSW Steel. For example, Reliance Industries received approval to raise two loans: first $ 3 billion to refinance the ECB, and one and $ 1 billion for local sourcing of capital goods. Both loans have maturity ranging from 5 to 12 years. Others include ONGC videos, which received approval for $ 800 million, and companies such as Muthoot Finance, Sriram Finance, IIFL Finance and Tata Capital, which were approved for every $ 750 million for online objectives.
