Indian Firms Raise $3.76 Billion in April 2026 Through External Commercial Borrowings; Reliance and Air India Among Top Borrowers

In April 2026, Indian companies raised a total of $3.76 billion through external commercial borrowings (ECBs), an increase from $2.91 billion one year earlier, as per news reports.  

Major companies that benefited from these borrowings include Reliance Industries and Air India, among others. 

Major Players in ECB Borrowings 

The notable borrowers in April 2026 included Renew Surya Roshni Pvt Ltd, which secured $500 million, and Reliance Industries Ltd, raising $480 million.  

Other significant borrowers were Serentica Renewables India 14 Pvt Ltd with $397 million, Nuclear Power Corp Ltd with $200 million, Indian Oil Corp Ltd also with $200 million, Indian Renewable Energy Development Agency Ltd securing $176 million, and Air India Ltd with $133 million. 

Purpose of ECB Utilisation 

The funds raised through ECBs were directed towards diverse business needs. These included manufacturing activities, refinancing of existing debt, working capital requirements, as well as imports of capital goods.  

Additionally, some companies received capital infusion from foreign equity holders through this route. 

Comparative Borrowing Trends 

The figures for April 2026 reflect an upward trend in ECBs compared to the same period in the prior year.  

However, there has been a 30% decrease in total overseas borrowings, including ECBs and foreign currency convertible bonds (FCCBs), for the fiscal year ending March 2026.  

The borrowings reduced to $42.87 billion from $60.93 billion in the preceding fiscal year, influenced by higher borrowing costs, global rate increases, and additional hedging expenses due to rupee fluctuations. 

Read More: Government Raises Price Cap for Key Cancer Drugs by 50% Amid Supply Shortages! 

Diverse Borrowing Purposes 

As per the news reports, the utilisation of ECBs spanned different areas, including the import of capital goods crucial for manufacturing, ongoing operating capital needs, and debt refinancing.  

In certain instances, foreign equity participants injected funds into their local subsidiaries, leveraging this financing route to support operations. 

Conclusion 

In April 2026, Indian firms acquired $3.76 billion in external commercial borrowings, a rise from the previous year’s $2.91 billion. ECBs were utilsed for various purposes, including manufacturing, refinancing, and capital goods imports, despite an overall 30% decline in borrowing for the fiscal year ending March 2026. 

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