L&T Finance will receive $550 million in external commercial borrowings (ECB) anchored by International Finance Corporation, a member of the World Bank Group along with BNP Paribas, Citibank, and DBS Bank.
“Investors have contributed $275 million in the first tranche, of which IFC is bringing in $ 215 million,” said a press statement on Thursday.
Expansion plan
The funds will be used by L&T Finance to expand its farm equipment finance book by extending loans to farmers for buying equipment and modernising farming.