NTPC Limited, India’s largest power utility and a Maharatna PSU, has signed a Facility Agreement to raise an unsecured External Commercial Borrowing (ECB) Syndicated Term Loan of USD 750 million. The agreement includes a base issue of USD 500 million and a greenshoe option of USD 250 million, with a door-to-door tenor of 10 years and average maturity of 7 years.
Bank of Baroda acted as the Mandated Lead Arranger and Underwriter for the base issue, while HDFC Bank served as the Mandated Lead Arranger and Bookrunner for the greenshoe tranche. The deal was executed through the IFSC Banking Units (IBUs) of both banks in GIFT City, Gandhinagar—India’s rising global financial hub.
The funds will be used to support NTPC’s capital expenditure across a range of initiatives, including capacity expansion, flue gas desulphurisation projects, and renewable energy ventures such as hydro-based power. A portion may also be used to refinance existing ECBs in accordance with RBI guidelines.
NTPC’s Director (Finance), Mr. Jaikumar Srinivasan, said the company is pursuing an ambitious goal to scale its renewable energy capacity to 60 GW by 2032, aiming to raise its total installed power capacity from 80 GW to over 130 GW.
Bank of Baroda’s Executive Director Mr. Lalit Tyagi and HDFC Bank’s Senior VP Mr. Ashutosh Kumar highlighted the significance of the transaction in reinforcing GIFT City’s role as a premier destination for offshore financing, and expressed pride in partnering with NTPC on this milestone initiative.
With the Bank of Baroda’s IBU already handling over USD 10 billion in business as of March 2025, this landmark ECB transaction reaffirms GIFT City’s emergence as a strategic platform for India’s infrastructure and energy financing.
NTPC
NTPC Limited, a central Public Sector Undertaking under the ownership of the Ministry of Power, Government of India, is India’s largest energy conglomerate. Headquartered in New Delhi, the company is at the forefront of power generation and energy transformation in the country, operating a mix of coal, gas, solar, wind, and hydro power stations.
