Financial institution of Baroda (Financial institution), appearing as sole lead arranger, has underwritten a $500 million five-year overseas foreign money time period mortgage facility to OVL Outdoors IFSC Ltd (OOIL), a GIFT Metropolis registered wholly owned subsidiary of ONGC Videsh Ltd (OVL).
Lalit Tyagi, Govt Director, Financial institution of Baroda, mentioned, “This transaction highlights GIFT Metropolis’s rising maturity and the Indian financial institution’s capabilities in cross-border financing and supporting the worldwide operations of PSUs like ONGC. We stay absolutely dedicated to additional deepening our long-standing affiliation with the ONGC Group by providing an entire vary of company finance options.”
Mr. Anupam Agarwal, Director (Finance), ONGC Videsh Ltd., mentioned, “ONGC Videsh sees GIFT Metropolis as a key enabler of our development technique. It’ll additionally assist strengthen the town.” Establishing itself as a number one jurisdiction for strategic offshore financing. ”
