IRFC secures yen-equivalent $1.1 billion loan from SBI, HDFC Bank, others
This story was originally published at 21:13 IST on 22 May 2026
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--IRFC gets loan of $1.1 bln from several banks including SBI, HDFC Bank
NEW DELHI – Indian Railway Finance Corp. Ltd. Friday said it has raised a yen-equivalent $1.1 billion loan from a consortium of banks led by State Bank of India and HDFC Bank. This is the first external commercial borrowing by IRFC in the financial year started Apr. 1 after raising yen-equivalent $700 million in FY26.
The GIFT City branch of Sumitomo Mitsui Banking Corp. and DBS Bank were also part of the consortium. The loan has been tied up for a five-year term and benchmarked to the 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 (external commercial borrowing) Guidelines," the state-owned company said in a release.
"The transaction will contribute towards optimising 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," Manoj Kumar Dubey, chairman and managing director of IRFC, said in the release.
For the March quarter, IRFC reported a net profit of INR 16.84 billion and a total income of INR 73.29 billion. Its shares ended at INR 98.19 on the National Stock Exchange Friday, flat from Thursday's close. End
US$1 = INR 95.69
Reported by Shubham Rana
Edited by Rajeev Pai
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