IRFC Signs USD 1.1 bn ECB With Bank Consortium

26 May 2026 CW Team

Indian Railway Finance Corporation (IRFC) signed a loan agreement on 21 May 2026 with a consortium comprising State Bank of India, HDFC Bank Ltd, Sumitomo Mitsui Banking Corporation, GIFT City Branch and DBS Bank Ltd to raise External Commercial Borrowing (ECB) of United States dollar (USD) 1.1 bn. The transaction represents IRFC’s first ECB in the financial year 2026–27 and follows its successful raising of USD 700 mn across two ECB transactions in the financial year 2025–26. The agreement was executed in New Delhi and records the facility as unsecured.

The facility carries a five-year tenor and is benchmarked to the Tokyo Overnight Average Rate (TONAR). Proceeds will be applied towards financing projects that have forward or backward linkage with the railway sector or other projects approved by the company in compliance with ECB guidelines. The aggregate facility amount is stated as JPY equivalent USD 1.1 bn while the actual loan amount in JPY is yet to be availed.

The agreement was signed on behalf of the company by Rakhi Dua, Senior General Manager Finance, and lists the lenders and borrower in the disclosure. Lenders are State Bank of India, HDFC Bank Ltd, Sumitomo Mitsui Banking Corporation, GIFT City Branch and DBS Bank Ltd, while the borrower is Indian Railway Finance Corporation. The filing notes that there is no shareholding relationship and that the transaction does not constitute a related party transaction.

The company indicated that the transaction will assist in optimising its weighted average borrowing cost and deepen engagement with global capital markets, thereby strengthening support for the expansion and modernisation of railway infrastructure. Management acknowledged the contributions of the ECB team led by Deepa Kotnis, Executive Director Finance, and described the raising as reinforcing investor confidence in IRFC’s financial fundamentals and strategic vision.

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