Bank of Baroda has underwritten a $500 million five-year foreign currency term loan facility for OVL Overseas IFSC Limited, a wholly owned subsidiary of ONGC Videsh Limited, marking a significant offshore financing transaction from GIFT City. The loan was arranged through Bank of Baroda’s IFSC Banking Unit, with the bank acting as the sole mandated lead arranger.
According to an official statement, the transaction highlights the growing maturity of GIFT City as an international financial services hub and demonstrates the ability of Indian banks to raise and deploy cross-border capital to support the global operations of public sector enterprises. The facility supports OVL Overseas IFSC Limited, which has been established as a centralised treasury entity to manage and scale ONGC Videsh’s international business.
Lalit Tyagi, Executive Director, Bank of Baroda, said the successful underwriting of the facility reflects the bank’s capabilities in syndicated foreign currency lending and reinforces the role of GIFT City in facilitating global financing solutions for Indian corporations.
The drawdown ceremony for the term loan facility was held at Bank of Baroda’s IFSC Banking Unit in GIFT City, in the presence of senior representatives from Bank of Baroda and ONGC Videsh Limited.
Anupam Agarwal, Director (Finance), ONGC Videsh Limited, said GIFT City is a key enabler of the company’s international growth strategy. He noted that the establishment of OVL Overseas IFSC Limited allows ONGC Videsh to consolidate its treasury operations while accessing competitive global capital, further strengthening GIFT City’s position as a preferred jurisdiction for offshore financing.
Bank of Baroda’s IFSC Banking Unit is a critical component of the bank’s international footprint and ranks as its third-largest branch outside India. The unit has built a diversified portfolio spanning syndicated credit, retail banking and trade finance, supporting both domestic and multinational clients through its offshore banking operations.
Send news announcements/press releases to:
info@b2bmarketmedia.com
