IOC creates a subsidiary for finance and treasury operations

30 Sep 2022 , 08:58 AM

Indian Oil Corporation (IOC), a state-owned company, announced on Thursday that it had created a wholly-owned subsidiary to handle financial tasks like fund pooling and treasury operations.

IOC stated in a stock exchange statement that its board had approved the incorporation of the subsidiary, Finance Company, and the opening of its office in Gandhinagar’s Gujarat International Finance Tec-City (Gift City), which is home to the International Financial Services Centre (IFSC).

The department will “conduct out finance activities, including activities such fund pooling of foreign corporations and utilizing same for carrying out trade financing of IOC and group enterprises.”

Additionally, it would operate a worldwide treasury and use the IFSC to raise money and debt from international markets.

It was stated that the unit would also invest in foreign stocks and use the IFSC for both inbound investments from foreign partners and outward investments of IOC.

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