IRFC Raises JPY-Equivalent $400 Mn ECB

04 Mar 2026 CW Team

Indian Railway Finance Corporation Limited (IRFC) has signed a loan agreement with a consortium comprising Sumitomo Mitsui Banking Corporation, GIFT City Branch, and MUFG Bank Limited, Gift City Branch to raise an External Commercial Borrowing facility of JPY-equivalent USD 400 mn. The agreement was executed on 25 February 2026 and records an aggregated commitment equal to the stated amount. The facility is unsecured and the lenders and the borrower have recorded the terms in a facility agreement.

The borrowing has a five-year tenor and is benchmarked to the Tokyo Overnight Average Rate (TONAR), which will determine interest accrual over the life of the loan. The company stated that the loan amount in Japanese yen will be availed in accordance with market conditions and the facility agreement. The documentation specifies that security is not applicable given the unsecured nature of the arrangement.

Proceeds from the facility will be used to finance projects that have forward or backward linkage with the railway sector or other projects approved by the company in line with External Commercial Borrowing guidelines. This transaction marks the second ECB raised by IRFC in the financial year following a JPY-equivalent USD 300 mn transaction in December 2025, and reflects continued access to international lenders. The company described the operation as part of its ongoing funding strategy.

IRFC said the transaction is intended to mobilise resources through diversified avenues at competitive rates to support projects aligned with Indian Railways and to deliver long-term value for the nation. The company indicated that the borrowing will contribute to optimising its weighted average borrowing cost and to deepening engagement with global capital markets. The board will disclose any material amendments or terminations as required by listing regulations.

Infrastructure Transport

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