IRFC has successfully completed a major refinancing transaction worth ₹9,821.00 crores with Dedicated Freight Corridor Corporation of India Limited (DFCCIL). The Rupee Term Loan Agreement refinances DFCCIL's existing foreign currency debt from the World Bank (IBRD) for the Eastern Dedicated Freight Corridor (EDFC) project, with the amount already disbursed.

Transaction Details and Execution

The agreement was formally executed at Railway Board, New Delhi, in the presence of Chairman & CEO Railway Board, Shri Satish Kumar, along with senior officials from both IRFC and DFCCIL. The loan agreement was signed between Shri Rahul Kapoor, Director (Finance), DFCCIL and Ms. Deepa Kotnis, Executive Director (Finance), IRFC.

Strategic Benefits of Refinancing

The refinancing transaction offers significant advantages to DFCCIL by shifting from foreign currency debt to rupee-denominated financing. This strategic move provides enhanced financial stability through reduced exposure to exchange rate volatility and improved predictability in debt servicing. The transaction enables closer alignment of long-term liabilities with rupee-based revenue streams while supporting improved overall cash flow management.

About IRFC and DFCCIL

Established in 1986 as the dedicated financing arm of the Ministry of Railways, IRFC has played a pivotal role in strengthening India's rail infrastructure by mobilizing long-term resources at competitive rates. As a Navratna CPSE, IRFC is expanding its role as a diversified infrastructure financier within the railway ecosystem, covering projects with forward and backward linkages to railways including power generation, mining, warehousing, telecom, metro rail, freight corridors, and multimodal logistics. IRFC maintains a strong asset quality track record with a zero-NPA portfolio.

DFCCIL, a wholly owned company of the Ministry of Railways, plays a pivotal role in the development, operation and maintenance of dedicated freight corridors, which are critical to achieving Indian Railways' long-term freight traffic growth and logistics efficiency objectives.

Infrastructure Impact

The Eastern Dedicated Freight Corridor represents a flagship national infrastructure project aimed at transforming freight transportation in the country. The project focuses on decongesting passenger lines, improving logistics efficiency, reducing transit time, and supporting industrial growth across the northern and eastern regions of India. This transaction marks a significant milestone in India's infrastructure financing landscape, underscoring the growing capability of Indian financial institutions to support large-scale infrastructure projects through domestic funding solutions.

Karur Vysya Bank has received credit rating reaffirmation from CARE Ratings Limited for its deposit programmes, as communicated to the stock exchanges on December 16, 2025. The bank informed both the National Stock Exchange of India Limited and BSE Limited about the rating action under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Credit Rating Details

CARE Ratings Limited has reaffirmed the credit ratings for the bank's deposit programmes, maintaining the existing rating levels. The rating action covers both short-term and long-term deposit programmes of the bank.

Rating Significance

The reaffirmation of ratings indicates CARE Ratings' continued confidence in the bank's creditworthiness and financial stability. The CARE A1+ rating for the short-term programme reflects the highest degree of safety regarding timely payment of financial obligations, while the CARE AA rating for the fixed deposit programme indicates high safety for timely payment of interest and principal.

Regulatory Compliance

The bank has fulfilled its disclosure obligations by promptly informing the stock exchanges about the credit rating action. The communication was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders and regulatory compliance.

The rating reaffirmation supports the bank's deposit mobilization efforts and reinforces investor confidence in its financial strength and operational capabilities.