Indian firms, including non-banking financial companies, have filed proposals in July 2024 with the Reserve Bank of India (RBI) to raise $3.58 billion through External Commercial Borrowings (ECBs). The entire funding to be raised is through the automatic route. According to RBI data, among the prominent firms which have filed intent are ONGC Videsh Ltd for $800 million to be raised from an overseas branch of an Indian commercial bank. It is a five-year ECB for refinancing earlier borrowings. Sael Ltd, which is in the electricity, gas, steam, and air conditioning supply space, has filed intent for $280 million for on-lending. TP Solar Ltd, a Tata group company engaged in manufacturing electrical equipment, is planning a $250 million ECB for a new project. Piramal Capital & Housing Finance Ltd has filed for ECBs worth $300 million to be raised from the international capital market. HDB Financial Services, a subsidiary of HDFC Bank, has filed for a $250 million ECB.