Indian Railway Finance Corp. Ltd. established a US$2 billion euro medium-term note program.

The company will issue bearer or registered notes under the program, according to a March 14 circular.

The proceeds from the notes will be used to fund the acquisition, development and procurement of rolling stock assets and project assets to be leased to the Ministry of Railways. They will also be used to meet the debt financing requirements of entities operating in India's railway sector, as well as for other end uses.

The notes issued under the program will be listed on the Singapore Exchange Securities Trading Ltd.

Axis Bank, Barclays, DBS Bank, Mizuho Securities (Singapore) and MUFG Securities EMEA are the arrangers and dealers of the program.