BoB underwrites $500 million forex loan facility to ONGC unit

Bank of Baroda (Bank), acting as the sole mandated lead arranger, has underwritten a $500 million 5-year foreign currency term loan facility to OVL Overseas IFSC Ltd (OOIL), a GIFT City registered wholly owned subsidiary of ONGCVideshLtd(OVL).

Lalit Tyagi,Executive Director, Bank of Barodasaid,“Thistransactionhighlightsthe growingmaturity of GIFT City andthe ability ofIndianbanksinraisingcross-border financing andsupporting the global operations of PSUs like ONGC.We remain committed tofurtherdeepening ourlong-standing association with the ONGC Groupby offeringthe full spectrum of corporate financesolutions.”

AnupamAgarwal, Director(Finance), ONGCVideshLtd., said, “ONGCVideshviews GIFT City as a critical enabler of our growth strategy. We have established OVL Overseas IFSC Ltd (OOIL) as a centralised treasury nerve centre to consolidate and scale our international business. We appreciate Bank of Baroda’s role in facilitatingaccess tocompetitive global capital, a partnership thatalsoreinforces GIFT City’s emergence as a premier jurisdiction for strategic offshore financing.”