Indian companies, including non-banking financial companies (NBFCs), filed proposals with the Reserve Bank of India (RBI) to raise $4.59 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in February 2026. It moderated from $5.33 billion in January, which was the highest amount recorded so far in the current financial year (FY26).
According to RBI data, out of the total, $4.19 billion was proposed through the automatic route and $400 million through the approval route.
Among the prominent firms filing intent in February was Tata Power Renewable Energy, which is seeking to raise $550 million for local sourcing of capital goods for a period of three years and five months from an Indian commercial bank branch abroad. ABC CT RE Park (01) Private filed two separate proposals to raise $486 million and $108.99 million from another commercial bank for infrastructure development. Also, Serentica Renewables India 1 Private has filed intent to raise $270.1 million for refinancing of rupee loans from a multilateral financial institution.
Renew Vyoman Power has filed four separate proposals to raise $217.9 million, $97.23 million, and $40 million from a multilateral financial institution for a new project. It also plans to raise $50 million for the project from another commercial bank.
A leading NBFC, Manappuram Finance, has sought to raise $300 million for on-lending or sub-lending activities for four years. Separately, it plans to raise $200 million for on-lending or sub-lending activities for three years.
Another leading NBFC, BMW India Financial Services, has also sought to raise $236.6 million for on-lending or sub-lending from a foreign collaborator or foreign equity holder for a period of five years and one month.
Separately, Piramal Finance has filed an intent to raise $200 million and another $200 million for on-lending or sub-lending for three years and three years and six months each from an Indian commercial bank branch abroad.