New Delhi, India, 11th June 2025: NTPC Limited, India’s largest power utility and a Maharatna PSU, signed a Facility Agreement to raise an unsecured USD 750 million External Commercial Borrowing (ECB) Syndicated Term Loan facility (Base issue of USD 500 million and Greenshoe option of USD 250 million) with Door-To-Door Tenor of 10 years and Average Maturity of 7 years. Bank of Baroda (Bank) acted as the Mandated Lead Arranger and Underwriter of the transaction for USD 500 million, while HDFC Bank was the Mandated Lead Arranger and Bookrunner for the Greenshoe portion of USD 250 million. The deal was executed through the IFSC Banking Units (IBU) of Bank of Baroda and HDFC Bank in GIFT City, Gandhinagar.
The proceeds of the facility will be utilised towards financing of NTPC’s capital expenditure for existing or new capacity addition programmes, including flue gas desulphurisation projects, renewable energy projects (including hydro-based projects) and refinancing of existing External Commercial Borrowing for capital expenditure purposes to the extent the same is in compliance with the end-use or other requirements, as permitted under the ECB Guidelines of Reserve Bank of India.
This landmark transaction reinforces Bank of Baroda’s leadership in executing large-scale cross-border financing and reflects its continued commitment to supporting India’s infrastructure and energy sectors with world-class financial solutions.
Commenting on the occasion, Shri Jaikumar Srinivasan, Director (Finance), NTPC Limited said, “NTPC is spearheading a transformative expansion of its energy portfolio, with a strategic vision to achieve 60 GW of renewable capacity by 2032 and elevate its total installed capacity from 80 GW to 130 GW+. This ambitious trajectory underscores NTPC’s leadership in sustainable energy and its dedication to a balanced, future-ready power ecosystem. We gratefully acknowledge Bank of Baroda and HDFC Bank’s steadfast collaboration as valued financial partners in this journey.”
Shri Lalit Tyagi, Executive Director, Bank of Baroda said, “We are delighted to work with NTPC on this landmark ECB transaction and support their financing requirements. This deal demonstrates Bank of Baroda’s capabilities in global infrastructure financing as well as highlights the key role played by our IFSC Banking Unit in facilitating strategic, cross-border funding through GIFT City.”
Mr. Ashutosh Kumar, Senior Vice President & Regional Head – PSU, Corporate Banking at HDFC Bank said, “This ECB transaction not only reinforces GIFT City’s growing stature as a global financial hub but also marks a significant milestone in enabling strategic partnerships. Facilitating this deal with a Maharatna like NTPC enhances confidence in the ecosystem and unlocks new opportunities across the financial landscape.”
The transaction underlines the growing importance of GIFT City as a global financial hub, enabling efficient and globally competitive offshore banking solutions from India. Bank of Baroda is one of the early entrants at GIFT City, commencing operations in 2017. The Bank’s IFSC Banking Unit is the 3rd largest overseas branch of the Bank’s International operations with strong capabilities in Syndicated Loans, Trade Finance, Treasury Operations, and Retail Banking, with total business from the IBU crossing USD 10 billion as of March 2025.
