Indian Railway Finance Corporation (IRFC) on 21.05.2026 signed a loan agreement with the consortium of State Bank of India, HDFC Bank Ltd, Sumitomo Mitsui Banking Corporation, GIFT City Branch and DBS Bank ltd in New Delhi for raising External Commercial Borrowing loan of JPY equivalent USD 1.1 billion. This is the first ECB being raised by IRFC during this FY after it successfully raised JPY equivalent USD 700 million across two ECB transactions in FY 2025-26.
The loan agreement was signed by Ms. Rakhi Dua, Senior General Manager (Finance), IRFC on behalf of IRFC.
The ECB, being raised for JPY equivalent USD 1.1 billion, has been tied up for a 5-year tenor and benchmarked to Overnight TONAR (Tokyo Overnight Average Rate).
The proceeds from this facility shall be utilised towards financing projects having forward or backward linkage with the railway sector or any other project as may be approved by the Company in compliance with the ECB Guidelines.
Speaking on the occasion, Shri Manoj Kumar Dubey, Chairman and Managing Director & CEO, IRFC lauded the efforts of ECB Team of IRFC led by Ms. Deepa Kotnis, ED/Finance, and ably supported by Ms. Rakhi Dua (Sr.GM), Mr. Nav Goel (GM), Mr. Dhruv Taparia (Dy.Mgr) and Mr. Mehar Chand(Jr. Mgr) and said: “At IRFC, our continuous endeavour is to mobilise resources through diversified avenues at the most competitive rates, enabling sustained support to projects closely aligned with Indian Railways and delivering long-term value to the nation. Following the successful re-entry into the External Commercial Borrowing market in December 2025 and subsequent ECB raising in March 2026, this JPY equivalent USD 1.1 billion ECB further reinforces investor confidence in IRFC’s strong financial fundamentals and strategic vision. The transaction will contribute towards optimizing our weighted average borrowing cost, deepening our engagement with global capital markets, and strengthening our ability to support the ongoing expansion and modernisation of railway infrastructure that remains integral to India’s growth and nation-building.”
