Big Global Push! Bank of Baroda Backs $500 Million Foreign Currency Loan for OVL’s Overseas Arm

The Drawdown Ceremony for the term loan facility was held at the Bank of Baroda IFSC Banking Unit in GIFT City, in the presence of senior dignitaries from Bank of Baroda and ONGC Videsh Limited.

Lalit Tyagi, Executive Director, Bank of Baroda said, "The successful underwriting of this USD 500 million facility showcases Bank of Baroda’s capabilities in syndicated foreign currency loans. This transaction highlights the growing maturity of GIFT City and the ability of Indian banks in raising cross-border financing and supporting the global operations of PSUs like ONGC.

"We remain committed to further deepening our long-standing association with the ONGC Group by offering the full spectrum of corporate finance solutions."

Anupam Agarwal, Director (Finance), ONGC Videsh Limited said, "As a true multinational entity with a global operational footprint, ONGC Videsh views GIFT City as a critical enabler of our growth strategy. We have established OVL Overseas IFSC Limited (OOIL) as a centralised treasury nerve centre to consolidate and scale our international business.

"We appreciate Bank of Baroda’s role in facilitating access to competitive global capital, a partnership that also reinforces GIFT City’s emergence as a premier jurisdiction for strategic offshore financing."