Press Release- IRFC raises JPY- equivalent USD 1.1 Billion ECB, marks first ECB in FY 2026-27

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AI summary

IRFC has signed a loan agreement for a JPY-equivalent USD 1.1 billion External Commercial Borrowing (ECB) with a consortium of five lenders — State Bank of India, HDFC Bank Ltd, Sumitomo Mitsui Banking Corporation (GIFT City Branch), and DBS Bank Ltd. The ECB has a 5-year tenor and is benchmarked to Japan's Overnight TONAR rate. This is IRFC's first ECB in FY 2026-27, following two successful ECB transactions totaling JPY equivalent USD 700 million in FY 2025-26. The proceeds will be used to finance railway sector-linked projects. The facility is unsecured, and the loan amount in JPY is yet to be availed.

Likely market impact

The ECB strengthens IRFC's borrowing profile by diversifying funding sources and reducing weighted average cost of debt through access to global capital markets. The unsecured nature of the facility signals strong lender confidence in IRFC's financial position as a government-owned entity.