Bank of Baroda has underwritten a USD 500 million, five-year foreign currency term loan facility for OVL Overseas IFSC Ltd, a GIFT City-registered wholly owned subsidiary of ONGC Videsh Ltd, acting as the sole mandated lead arranger for the transaction.

Lalit Tyagi, Executive Director at Bank of Baroda, said the deal reflects the growing maturity of GIFT City and the ability of Indian banks to raise cross-border financing to support the global operations of public sector enterprises. He added that the bank remains committed to deepening its long-standing relationship with the ONGC Group by offering a comprehensive range of corporate finance solutions.

Anupam Agarwal, Director (Finance) at ONGC Videsh, said the company views GIFT City as a key enabler of its growth strategy. He said OVL Overseas IFSC Ltd has been established as a centralised treasury hub to consolidate and scale ONGC Videsh’s international business, adding that Bank of Baroda’s support provides access to competitive global capital while reinforcing GIFT City’s emergence as a preferred jurisdiction for strategic offshore financing.