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Indian Oil Corporation to incorporate wholly-owned subsidiary-Finance company

To utilize IFSC for inbound investment from foreign Partners and outbound investments of IndianoOil.

September 29, 2022 3:15 IST | India Infoline News Service
Indian Oil Corporation Limited has informed that the Board of the Company at its meeting held on September 29, 2022 has accorded approval for formation of Wholly Owned Subsidiary (WOS) - Finance Company (FC) and opening of its office in International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City), Special Economic Zone (SEZ), Gandhinagar.

As per the regulatory filing, the WOS-FC at Gift City, Gandhinagar would facilitate the following business opportunities:
  • To carry out finance activities as stipulated in regulation 5 of IFSCA Finance Company Regulations including activities like fund pooling of foreign companies and utilize the same for carrying out trade financing for IndianOil and group companies.
  • To carry out Global Treasury Operations and utilizing IFSC to raise capital and debt from overseas market by setting up Finance Company.
  • To utilize IFSC for inbound investment from foreign Partners and outbound investments of IndianoOil.
  • Offshore Insurance activities- become gateway for inbound and outbound reinsurance business.
  • Transfer of operation/ opening of new foreign financial subsidiaries to/in GIFT City.
  • To make investment by the Wholly Owned Subsidiary- Finance Company in foreign securities.
At around 3:15 PM, Indian Oil Corporation Ltd is currently trading at Rs65.80 per share down by Rs0 or 0% from its previous closing of Rs65.80 per share on the BSE.

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