IRFC has signed a rupee term loan agreement worth ₹12,842 crore with Hindustan Urvarak and Rasayan Limited (HURL) for refinancing its long-term debt.
HURL is a joint venture promoted by public sector undertakings, including NTPC Ltd., Coal India Ltd., Indian Oil Corporation Ltd., Fertilizer Corporation of India Ltd. (FCIL) and Hindustan Fertilizer Corporation Ltd. (HFCL).
This transaction marks one of the largest refinancing initiatives in IRFC’s history and signals the company’s transition from being a pure railway financier to a diversified infrastructure financing entity.
The deal is expected to significantly boost IRFC’s assets under management (AUM), which stood at over ₹4.75 lakh crore as of early 2026.
Lending to a consortium backed by ‘Maharatna’ public sector enterprises such as NTPC, Coal India and Indian Oil allows IRFC to deploy large capital while maintaining its strong asset quality, including a zero % gross non-performing asset (NPA) record.
The refinancing is expected to deliver substantial value to HURL through more competitive financing terms.
It will enhance financial flexibility, improve debt servicing efficiency and free up resources for operational strengthening and future growth.
The project also has strong forward and backward linkages with the railway ecosystem, further aligning with IRFC’s core business.
Commenting on the development, IRFC said it is actively expanding its footprint by supporting critical infrastructure sectors with strong linkages to railways.
The company added that this transaction reflects a ‘whole-of-government’ approach, enabling cost-effective, long-term financing solutions for strategic sectors such as fertilisers, while also contributing to agricultural sustainability.
HURL was established under a Government of India initiative to revive closed fertiliser plants at Gorakhpur in Uttar Pradesh, Sindri in Jharkhand and Barauni in Bihar.
All three plants are now operational and play a key role in strengthening India’s domestic urea production capacity.
