Firms Raise Record $16.2 Billion Foreign Currency Loans in Jan-June

Mopping Up Funds

- SAIKAT DAS & DIVYA PATIL

INDIAN COMPANIES RAISED a record amount through foreign-currency loans in the first half of 2025, as firms turned to overseas funding to support their expanding operations.

Loans rose to $16.2 billion between January and June—the highest ever for the six months, according to data compiled by Bloomberg. Reliance Industries, State Bank of India, and JSW Steel were among the major borrowers during the period.

The record increase in foreign loans is a clear indicator that even if local rates are dropping, "India's economic growth will need to be backed by a large pool of global capital," said Kumar Saurabh Singh, a partner at legal firm Khaitan & Co.