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 ONGC Videsh Ltd(OVL). 

Lalit Tyagi, Executive Director, Bank of Baroda said, “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 Ltd., said, “ONGC Videsh views 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 facilitating access to competitive global capital, a partnership that also reinforces GIFT City’s emergence as a premier jurisdiction for strategic offshore financing.”