Indian Railway Finance Corporation ( IRFC ) has successfully completed a strategic External Commercial Borrowing roadshow across Taiwan and Hong Kong, marking a significant step in the corporation's efforts to diversify its funding sources and engage with Asia-Pacific investors.

Roadshow Details and Leadership

The two-day ECB roadshow concluded on March 11, 2026, with events held in Taipei, Taiwan on March 10, 2026, and Hong Kong on March 11, 2026. The initiative was spearheaded by a senior delegation from IRFC comprising key executives who engaged directly with potential investors in the region.

Strategic Objectives and IRFC 2.0 Vision

The roadshow formed part of IRFC's broader strategy to enhance access to diversified pools of global capital required for funding India's infrastructure growth story. Under its 2.0 version, IRFC has expanded its mandate beyond traditional railway financing to include infrastructure projects having forward and backward linkages with the Railways. This strategic diversification positions the corporation to support a wider range of infrastructure development initiatives while maintaining its core railway focus.

The visit comprised structured one-on-one meetings with potential investors across the Asia Pacific region, specifically targeting institutional investors with presence in Taipei and Hong Kong. These engagements are integral to the company's strategy of broadening its lender base and mobilizing long-term funds at competitive rates and favorable terms.

Investor Engagement and Market Response

During the interactions, the IRFC delegation emphasized the corporation's expanded role in funding India's entire railway ecosystem following a whole-of-government approach. The team highlighted IRFC's competitive advantages to prospective investors, including:

• Strong sovereign linkages
• NIL NPA (Non-Performing Assets) status
• Low operating costs
• Consistent good track record

Investors demonstrated keen interest in IRFC's recent diversification initiatives into high-quality PSU and infrastructure exposures beyond the Ministry of Railways. The investor community expressed satisfaction with IRFC's expansion plans, which include funding for dedicated freight corridors, Metro Rails, and Ports while maintaining strong Ministry of Railways linkages.

Banking Partnership and Market Facilitation

The roadshow benefited from the support of Mandated Lead Arrangers (MLAs) who facilitated structured investor engagements across both markets. The banking partners included:

Outcomes and Future Prospects

Potential lenders actively participated in the roadshow sessions and made detailed inquiries about various aspects of IRFC's operations and strategic direction. The investors provided assurance of support for IRFC's future ECB borrowings and expressed confidence in the corporation's credit profile and business strategy.

The successful completion of the Hong Kong and Taiwan roadshow strengthens IRFC's presence within these two countries and enhances its regional investor base. The initiative is expected to support the corporation's objective of securing cost-effective, diversified funding lines to meet its financing requirements for future growth and infrastructure development projects.

IRFC has successfully completed strategic External Commercial Borrowing (ECB) roadshows in both Tokyo and Singapore, marking significant steps in the corporation's funding diversification strategy. Following the Tokyo initiative, the corporation extended its investor engagement to Singapore, demonstrating continued commitment to accessing diversified global capital pools.

Tokyo Roadshow Leadership and Objectives

The Tokyo roadshow was spearheaded by a senior IRFC delegation comprising Executive Director (Finance) Ms. Deepa Kotnis and Executive Director (Business Development) Mr. Sunil Kumar Goel. The two-day initiative concluded on 27 February 2026, focusing on mobilizing long-term funds at competitive rates and favorable terms while strategically diversifying IRFC's currency profile.

Singapore Roadshow Extension

The Singapore roadshow was led by Senior General Managers (Finance) Mr. Ajay Swami and Ms. Rakhi Dua, targeting Japanese and Taiwanese regional investors with offices in Singapore. The visit aimed at enhancing access to diversified pools of global capital required for funding India's infrastructure growth story through IRFC's expanded mandate under its 2.0 version.

Investor Engagement Strategy

Both roadshows comprised series of one-on-one meetings with leading regional investors, designed to showcase IRFC's investment proposition. The delegation emphasized IRFC's strong sovereign linkages, NIL NPA status, low operating cost, and consistent track record in supporting India's railway infrastructure expansion.

During the Singapore interactions, the delegation highlighted IRFC's foray into funding the entire railway ecosystem of India following a whole of government approach. Investors expressed satisfaction with IRFC's expansion plans through current diversification strategy, which includes funding for dedicated freight corridors, Metro Rails, and Ports while maintaining strong Ministry of Railways linkages.

Strategic Partnership Support

Both roadshows benefited from structured support provided by Mandated Lead Arrangers (MLAs):

• Sumitomo Mitsui Banking Corporation (SMBC)
• Mitsubishi UFJ Financial Group (MUFG)

These institutions facilitated structured investor engagements across both Japanese and Singapore markets, ensuring comprehensive coverage of potential funding sources.

Market Response and Future Outlook

The strong investor response across both markets underscores continued global confidence in IRFC's credit profile and business strategy. Potential lenders keenly participated and enquired on various aspects of IRFC, assuring support for future ECB borrowings and reposing confidence in the corporation's business strategy.

The successful completion of both Tokyo and Singapore roadshows strengthens IRFC's presence within regional investor bases and supports the corporation's objective of securing cost-effective, diversified funding lines to meet financing requirements for future growth.