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The Indian Railway Finance Corporation (IRFC) carried out a two-day External Commercial Borrowing (ECB) roadshow in Tokyo, Japan on 26-27 February 2026, aimed at broadening its access to long-term international capital and diversifying its currency profile, officials said. A senior delegation, led by IRFC's Executive Director (Finance) and Executive Director (Business Development), engaged in one-to-one meetings with Japanese regional investors facilitated by mandated lead arrangers Sumitomo Mitsui Banking Corporation (SMBC) and Mitsubishi UFJ Financial Group (MUFG). IRFC outlined its asset-liability management framework, sovereign-linked credit profile and role in financing India's railway infrastructure expansion. The roadshow also showcased the corporation's financing activities beyond the Ministry of Railways to include broader infrastructure exposure as part of its strategy to secure competitive, diversified funding at scale.
Indian Railway Finance Corporation conducted a strategic two-day External Commercial Borrowing (ECB) roadshow in Tokyo, Japan, on 26-27 February 2026, with the aim of tapping into long-term international capital markets and diversifying its funding sources, officials said in the past week. The initiative signals IRFC's intent to broaden its capital base beyond traditional domestic borrowings and optimise its cost of financing available to support India's expansive rail infrastructure programme. Advertisement
The delegation was led by Executive Director (Finance) Deepa Kotnis and Executive Director (Business Development) Sunil Kumar Goel, who held a series of structured, one-to-one meetings with Japanese regional investors over the course of the two days. The roadshow, held with support from mandated lead arrangers Sumitomo Mitsui Banking Corporation (SMBC) and Mitsubishi UFJ Financial Group (MUFG), highlighted IRFC's robust credit fundamentals and strategic role as a key financier for national infrastructure projects.
During investor interactions, IRFC presented its asset-liability management framework, strong sovereign linkages reflected in its credit ratings, and its stable cash-flow model anchored in leasing and financing railway assets. The outreach also emphasised the corporation's recent developments in financing operations beyond its traditional Ministry of Railways commitments, including exposures to broader public sector undertakings (PSUs) and infrastructure projects, as part of a calibrated diversification strategy.
The Tokyo roadshow follows IRFC's recent successful raises in the ECB market during the current financial year. In late February, the corporation secured a JPY-equivalent USD 400 million unsecured ECB facility with SMBC and MUFG with a five-year tenor benchmarked to the Tokyo Overnight Average Rate (TONAR), designed to fund rail-linked infrastructure projects. It had earlier raised a JPY-equivalent USD 300 million ECB in December 2025, marking a renewed engagement with international debt markets after a multi-year hiatus.
Officials noted that the positive investor response in Tokyo underscores continued global confidence in IRFC's credit profile and its strategic financing role. By deepening engagement with Japanese and other overseas investors, IRFC seeks to secure cost-effective and diversified funding lines that can support its growing financing requirements linked to India's railway modernisation and infrastructure expansion.
Market participants are watching how these efforts will influence IRFC's overall borrowing cost and funding strategy in FY27, particularly as global debt markets evolve and foreign currency funding becomes an increasingly important component of infrastructure financing.
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