Faridabad (Manoj bhardwaj).. IndianOil’s wholly owned subsidiary IOC Global Capital Management IFSC Limited (IGCMIL) carries out first transaction at GIFT CityGandhinagar, 30th January 2024: The wholly owned subsidiary of IndianOil, IOC Global Capital Management IFSC Limited (IGCMIL) carried out its first transaction at GIFT City, Gandhinagar today.
The term sheet of the transaction of raising loan from DBS Bank Singapore, amounting to US$100 million to refinance IndianOil’s existing ECB (External Commercial Borrowing) loan was signed by Mr. Ruchir Agrawal, Director (IGCMIL), and Mr. Vikas Om Sahai, Senior Vice President, DBS Bank.
This transaction is in line with the vision of IFSC Gift City of bringing foreign
capital to India and releasing the bandwidth of the Indian Banking Industry. Dr. Hasmukh Adhia, Chairman, GIFT City, Mr. Shrikant Madhav Vaidya, Chairman, IndianOil, Mr. Anuj Jain, Director (Finance), IndianOil, Mr. Sanjay Kaushal,
Chairman, IGCMIL and Executive Director (Finance), Corporate Office and members of senior management of IndianOil were present on this momentous occasion.
Commending this milestone achievement, Mr. Vaidya said, “Through IGCMIL, we
aim to bring greater coherence and control to our overseas investments, optimising
our financial operations and enhancing our global footprint. IGCMIL will provide a
platform to attract foreign investments for IndianOil’s expansive capital expenditure
plans including renewable projects. One of the ventures that IGCMIL will undertake is in the realm of ship acquisition, financing, and leasing; by venturing into this domain, we aim to insulate our company from theunpredictability of the geopolitical dynamics, securing our energy supply chain for the long term.”
Calling IndianOil’s step of setting up a subsidiary as a visionary idea, Dr. Adhia,
said, “To facilitate sourcing the finances from global market for the companies, there
cannot be better financial eco-system than GIFT city. We believe that GIFT City
would become a big financial centre of South East Asia.” Sharing the blueprint of the IGCMIL, Mr. Anuj Jain, said, “GIFT City presents a
unique ecosystem for vital economic activities, with globally benchmarked protocols, taxation policies and more, fully supported by Govt. of India, to cater to the requirements of global and domestic business enterprises. Through IGCMIL, weintend to carry out cross-financing in the group companies in an effective manner,
investing the funds of the group entities presently parked as deposits and extending
credit facilities to group entities by raising short-term or long-term debt. In the
coming years, IGCMIL shall provide platform to onshore the offshore investments of
IndianOil.”Looking ahead, IndianOil is set to embark on an ambitious journey. And IGCMIL
marks a significant milestone in this journey of pioneering innovative financing
solutions for a sustainable and prosperous future.
