Indian Oil Corporation (IOC) announced the formation of a new firm in GIFT City, Gandhinagar, to carry out finance activities such as worldwide treasury services.

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.

Also Read
Manipur CM inaugurates developmental projects in Henglep
IL&FS obtains NCLT clearance to sell its headquarters to Brookfield