Indian firms cut overseas borrowing by over 30% in April amid West Asia tensions

External commercial borrowing (ECB) proposals by Indian companies, including NBFCs, declined by over 30% to USD 3.77 billion in April 2026 compared to the previous month amid the ongoing conflict in West Asia.

According to the RBI data, total ECB filings stood at USD 3.77 billion in April 2026 against USD 5.43 billion in March 2026.

The entire intent was from the general permission, and special permissions remain nil in the reporting month, as per the RBI.

ECBs are commercial loans raised by eligible resident entities from recognised non-resident entities.

Among the prominent firms that filed intent in April 2026 with the RBI is Renew Surya Roshni, for USD 500 million, for refinancing of existing ECB, Reliance Industries filed for USD 480 million, Serentica Renewables India 14 Pvt Ltd filed for USD 397 million, and Nuclear Power Corporation of India filed for USD 200.46 million for new projects.

Besides, Indian Oil Corporation filed intent for USD 200 million for refinancing of existing ECB, and Uflex filed for USD 188.23 million for overseas investment, according to data.