The Reserve Bank of India (RBI) in its latest data report has showed that Indian companies are scaling back their foreign borrowings amid higher hedging costs. India Inc's external commercial borrowings (ECB) filings fell to about $2.21 billion in October 2025 from around $2.80 billion in September 2025, registering month-on-month decline of 21.07%.
According to the data, of the total filings, $1.92 billion was through the automatic route with Agratas Energy Storage Solutions emerging as the largest borrower ($525 million) in the month of October 2025. Further, Muthoot Finance and Sammaan Capital filed to raise $150 million and $450 million through the automatic route, respectively.
The RBI’s report also showed that borrowings via the approval route stood at $290.42 million, with only two entities tapping overseas markets during the month of October. Power Finance Corporation ($180 million) and Interglobe Aviation ($110.4 million) were the entities filed through the approval route.
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