India Inc raised about 39 per cent less via the external commercial borrowing (ECB) route in February at $2.22 billion against $3.09 billion raised in January, per RBI data.

However, during April-February 2023-24, ECBs to India witnessed a turnaround with net inflows of $3.7 billion as against net outflows of $4.7 billion a year ago.

Further, ECB agreements amount during April-February 2023-24 stood at $41.5 billion as compared to $22.8 billion during the same period of 2022-23.

Among the entities that raised more than $100 million from the overseas markets in February include JSW Vijayanagar Metallics ($250 million), Cholamandalam Investment & Finance Company ($200 million), Interglobe Aviation ($184 million), SAEL Solar P4 Pvt Ltd ($147.38 million), L&T Finance Holding and Bajaj Finance ($125 million each), and WEB Werks India Pvt Ltd ($100 million).

External commercial borrowings are commercial loans raised by eligible resident entities from recognised non-resident entities and have to conform to parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, etc.