India, May 25 -- State-owned Indian Railway Finance Corporation is planning to mobilise $2 billion through external commercial borrowing, primarily in Japanese yen, to fund business growth in the current financial year.

The external commercial borrowing (ECB) is part of the Rs 70,000 crore resource mobilisation plan approved by the board of Indian Railway Finance Corporation (IRFC) for the ongoing financial year.

"We have just signed a loan agreement with the consortium of banks for raising an External Commercial Borrowing loan of JPY equivalent $1.1 billion. Given the pipeline of projects, we expect disbursements within the June quarter itself," IRFC Chairman and Managing Director Manoj Kumar Dubey said.

The ECB, being raised for JPY ...