According to a stock exchange filing, IOC's board of directors has approved the incorporation of a wholly-owned subsidiary and the establishment of an office in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City) in Gandhinagar.

The IOC board authorised the proposal for the establishment of a finance firm called 'IOC Global Capital Management IFSC' in order to take advantage of the economic prospects and fiscal benefits afforded by the GIFT City-IFSC.

The unit will conduct financial activities such as fund pooling of foreign corporations and using the same for trade financing of IOC and group enterprises.