The Economic Times

Indian firms raise $3.76 bn via ECBs in April; Reliance, Air India among prominent borrowers

Indian companies raised $3.76 billion through external commercial borrowings (ECBs) in April 2026, up from $2.91 billion a year earlier, RBI data showed. Major borrowers included Reliance Industries, ReNew Surya Roshni, Serentica Renewables, Indian Oil and Air India. ECBs were used for manufacturing, refinancing, working capital and capital goods imports.