Gujarat: Bank of Baroda (BoB), acting as the Sole Mandated Lead Arranger, has successfully underwritten a USD 500 million, five-year Foreign Currency Term Loan Facility to OVL Overseas IFSC Limited (OOIL), a GIFT City-registered, wholly owned subsidiary of ONGC Videsh Limited (OVL). The loan facility aims to enhance OOIL’s global treasury operations and provide access to international capital on competitive terms.
The drawdown ceremony took place at Bank of Baroda’s IFSC Banking Unit in GIFT City, attended by senior officials including Mr. Lalit Tyagi, Executive Director, Bank of Baroda, and Mr. Anupam Agarwal, Director (Finance), ONGC Videsh Limited, alongside other dignitaries from both organizations.
Strengthening Cross-Border Financing Capabilities
Mr. Lalit Tyagi highlighted Bank of Baroda’s expanding role in foreign currency lending and its growing capabilities in supporting cross-border financing transactions through GIFT City. He emphasized that such initiatives are part of the bank’s strategic focus on enhancing India’s participation in global financial markets and offering seamless financial solutions to Indian corporates operating internationally.
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Strategic Importance for ONGC Videsh
Mr. Anupam Agarwal underscored the strategic significance of OOIL as a centralized treasury hub for ONGC Videsh Limited. The facility will enable the company to optimize its global funding structure, ensure efficient liquidity management, and access international capital at competitive terms, thereby supporting OVL’s overseas investment and operational requirements.
About Bank of Baroda
Bank of Baroda is one of India’s leading public sector banks, with a strong presence in domestic and international banking. The bank is recognized for its expertise in corporate financing, foreign currency lending, and cross-border financial solutions, serving strategic industries and contributing to India’s global economic engagement.
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