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.
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