Bank of Baroda Arranges $500m Loan For ONGC Arm

23 Dec 2025 CW Team

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.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..