IndusInd Bank takes $500 mln overseas term loan

IndusInd Bank raises $500 mln

Indusind Bank, part of the Hinduja group, said it has raised $500 mln (about Rs 3,300 cr) by way of syndicated term loans from a group of overseas lenders.

The tenor of the facility is 3 years and will be used for general banking purposes, it said.

“This fund-raising, along with the funds raised during this financial year from multilateral institutions, viz., ADB and OPIC, will help the Bank in expanding its lending to clients,” it said.

The bank was established in 1994 and offers commercial, transactional and electronic banking products and services.

The Hinduja Group is an Indian conglomerate company headquartered in London, United Kingdom. It is involved in a wide range of activities including foundries, import export, trading, motor vehicles, banking, call centres and healthcare.

Initially operating in Karachi and Mumbai, India, the company started its first international operation in Iran in 1919.

The headquarters of the group moved to Iran where it remained until 1979, when the Islamic Revolution forced it to move to Europe.