Gandhinagar : Bank
of Baroda (Bank), acting as the Sole Mandated Lead Arranger, has underwritten a
USD 500 million 5-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 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.
Shri 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.”
Shri 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.”
Bank of Baroda’s IFSC Banking Unit
(IBU) is a critical pillar of the Bank’s international footprint and its third-largest
branch outside India, having a diversified portfolio spanning syndicated
credit, retail banking, and trade finance. The Bank continues to leverage this
platform to reinforce its position as a pioneer and key stakeholder in the rapidly
evolving GIFT City ecosystem.