Gandhinagar: Bank of Baroda has marked a significant milestone in India’s cross-border financing landscape, with the bank underwriting a USD 500 million five-year Foreign Currency Term Loan Facility for OVL Overseas IFSC Limited (OOIL).
Bank of Baroda acted as the Sole Mandated Lead Arranger for the facility, which has been extended to the GIFT City–registered, wholly owned subsidiary of ONGC Videsh Limited (OVL).
The drawdown ceremony for the facility was held at the Bank of Baroda IFSC Banking Unit in GIFT City, in the presence of senior officials from Bank of Baroda and ONGC Videsh Limited, underscoring the growing importance of GIFT City as a hub for offshore financing and global treasury operations.
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Bank of Baroda USD 500 Million Foreign Currency Loan Highlights Syndicated Lending Strength
Commenting on the transaction, Lalit Tyagi, Executive Director, Bank of Baroda, said that the successful underwriting of the USD 500 million facility demonstrates the bank’s strong capabilities in syndicated foreign currency lending.
He noted that the transaction reflects the increasing maturity of GIFT City and highlights the ability of Indian banks to raise cross-border capital while supporting the global operations of public sector enterprises such as ONGC.
He further added that Bank of Baroda remains committed to strengthening its long-standing relationship with the ONGC Group by offering a comprehensive range of corporate finance solutions tailored to global business requirements.
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ONGC Videsh Sees GIFT City as Strategic Growth Enabler
Anupam Agarwal, Director (Finance), ONGC Videsh Limited, stated that as a multinational organisation with a wide global operational footprint, ONGC Videsh views GIFT City as a critical enabler of its long-term growth strategy.
He explained that OVL Overseas IFSC Limited has been established as a centralised treasury hub to consolidate and scale the company’s international business activities.
He also acknowledged Bank of Baroda’s role in enabling access to competitive global capital, noting that the partnership reinforces GIFT City’s emergence as a preferred jurisdiction for strategic offshore financing.
IFSC Banking Unit Strengthens Bank of Baroda’s Global Footprint
Bank of Baroda’s IFSC Banking Unit is a key pillar of the bank’s international operations and is its third-largest branch outside India. The unit maintains a diversified portfolio across syndicated credit, trade finance, and retail banking.
Through this platform, the bank continues to strengthen its position as a leading stakeholder in the rapidly evolving GIFT City ecosystem.
