IOC floats unit to carry out finance activities

IOC floats unit to carry out finance activities

New Delhi: State-owned Indian Oil Corporation has floated a wholly-owned subsidiary to carry out finance activities such as fund pooling and treasury operations, it said on Thursday. In a stock exchange filing, IOC said its board has accorded approval for formation of the subsidiary - Finance Company and opening its office in the International Financial Services Centre (IFSC) at Gift City in Gandhinagar, Gujarat.

The unit will "carry out finance activities including activities like fund pooling of foreign companies and utilising the same for carrying out trade financing of IOC and group companies." It would also do global treasury operation and utilising IFSC to raise capital and debt from overseas market.

It will utilise IFSC for inbound investment from foreign partners and outbound investments of IOC and be the gateway for reinsurance business, it said, adding the unit would also invest in foreign securities.

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