New Delhi, May 17 -- Indian Railway Finance Corporation (IRFC) plans to raise about Rs.24000-28,000 crore (less than $3 billion) through external commercial borrowings in what would be one of the largest overseas borrowing programmes by a state-run company in recent years, even as the financial markets remain rattled by the war in West Asia, chairman and managing director Manoj Kumar Dubey said.

The railway financier is likely to lean heavily on yen-denominated loans in FY27 as it looks to fund a widening infrastructure portfolio beyond the railway sector, with a focus on large government and public sector projects, Dubey said in an interview.

The proposed overseas borrowing is part of IRFC's approved Rs.70,000 crore fundraising plan fo...