- Sole Mandated Lead Arranger underwrites 5-year foreign currency facility from GIFT City
- Transaction underscores Indian banks’ cross-border financing strength
- Deal reinforces GIFT City’s rise as a premier offshore financial hub
NE BUSINESS BUREAU
GANDHINAGAR, DEC 17
Bank of Baroda, acting as the Sole Mandated Lead Arranger, has successfully underwritten a USD 500 million, five-year Foreign Currency Term Loan Facility to OVL Overseas IFSC Limited (OOIL)—a GIFT City-registered, wholly owned subsidiary of ONGC Videsh Limited (OVL).
The drawdown ceremony for the facility was held at the Bank of Baroda IFSC Banking Unit in GIFT City, attended by senior leadership from Bank of Baroda and ONGC Videsh Limited, marking a significant milestone in India’s growing capability to structure and execute large-scale cross-border financing transactions from domestic offshore jurisdictions.
Commenting on the transaction, Lalit Tyagi, Executive Director, Bank of Baroda, said, “The successful underwriting of this USD 500 million facility showcases Bank of Baroda’s capabilities in syndicated foreign currency loans. This transaction highlights the growing maturity of GIFT City and the ability of Indian banks in raising cross-border financing and supporting the global operations of PSUs like ONGC. We remain committed to further deepening our long-standing association with the ONGC Group by offering the full spectrum of corporate finance solutions.”
Anupam Agarwal, Director (Finance), ONGC Videsh Limited, added, “As a true multinational entity with a global operational footprint, ONGC Videsh views GIFT City as a critical enabler of our growth strategy. We have established OVL Overseas IFSC Limited (OOIL) as a centralised treasury nerve centre to consolidate and scale our international business. We appreciate Bank of Baroda’s role in facilitating access to competitive global capital, a partnership that also reinforces GIFT City’s emergence as a premier jurisdiction for strategic offshore financing.”
The transaction further strengthens GIFT City IFSC’s positioning as a preferred destination for global treasury operations and offshore funding, while highlighting the role of Indian public sector banks in enabling the international expansion of Indian enterprises.
