The loan, priced based on the Sterling Overnight Index Average (SONIA), is still in the disbursement phase. The deal occurs at a time when global financial markets are experiencing volatility due to tariff hikes. Despite these challenges, foreign-currency loans taken by Indian borrowers have surged by 23 per cent, reaching $6.6 billion year-to-date compared to the previous year, according to Bloomberg data.

Agratas, which operates battery cell manufacturing plants in India and the UK, plans to establish the UK facility as the country’s largest. By the early 2030s, the plant is expected to supply nearly half of the battery capacity required for the UK's automotive sector, according to company projections made in a release last year.

News source: Bloomberg