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

29 Sep 2022 , 03:15 PM

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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