Media reports indicate that several companies, including Reliance Industries (RIL) are taking efforts to raise debt in dollar.
Other firms who want to raise dollar funds include Essar Steel, Adani Enterprises and JSW Steel, reports indicate.
According to one estimate, these firms may raise around $5 billion overseas, largely to refinance and swap their high-cost rupee borrowings with cheaper foreign currency.
RIL alone plans to raise around $3.8 billion in the next few months from various financial institutions, exim banks and export credit agencies, reports indicate.
The only difference from the fund raising of other firms is that RIL would use the dollar loan for capital expenditure while other firms are largely looking for refinancing.
Analysts feel that it makes sense for RIL to raise dollar debt as it generates almost 65 percent of its revenues abroad.
RIL is in the process of securing a $1.75-billion overseas borrowing in August to refinance a $1.2-billion 2008 multicurrency facility and also to raise $550 million of new money for another six years, reports indicate.