Indian Oil unit Seeking to raise $100million Loan From DBS Bank
A unit of Indian Oil Corp recently signed its first deal in GIFT City, Gandhinagar to raise a $100 million loan from DBS Bank Singapore, the country’s top refiner. The wholly owned unit of Indian Oil IOC Global Capital Management IFSC Limited (IGCMIL) will be using the collected funds to refinance the parent’s existing external commercial borrowing. IGCMIL will provide a platform to attract foreign investments for Indian oil’s expansive capital expenditure plans which include renewable energy projects.
The ventures undertaken by the unit will significantly impact the realm of ship acquisition, financing, and leasing and this would insulate the company from the unpredictability of the geopolitical dynamics, securing energy supply chains for longer period.
The group is focusing to bring greater coherence and control to overseas investments. The chairman Shrikant Madhav Vaidya mentioned, “One of the ventures that IGCMIL will undertake is in the realm of ship acquisition, financing, and leasing.”
IGCMIL will definitely offer a platform for onshoring the offshore investments of Indian Oil. Regarding this the director (finance,of Indian Oil, Anuj Jain stated “Through IGCMIL, we intend 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 September 2022, IOCL was accorded the approval for the formation of a wholly-owned subsidiary in the office of IFSC at Gujarat International Financial Tec-City [GIFT City] in Gandhinagar. So, to avail the business opportunities and fiscal benefits offered by GIFT City-IFSC, the IOC board has approved the proposal to open the finance company called IOC Global Capital Management IFSC Ltd.
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The ventures undertaken by the unit will significantly impact the realm of ship acquisition, financing, and leasing and this would insulate the company from the unpredictability of the geopolitical dynamics, securing energy supply chains for longer period.
The group is focusing to bring greater coherence and control to overseas investments. The chairman Shrikant Madhav Vaidya mentioned, “One of the ventures that IGCMIL will undertake is in the realm of ship acquisition, financing, and leasing.”
IGCMIL will definitely offer a platform for onshoring the offshore investments of Indian Oil. Regarding this the director (finance,of Indian Oil, Anuj Jain stated “Through IGCMIL, we intend 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 September 2022, IOCL was accorded the approval for the formation of a wholly-owned subsidiary in the office of IFSC at Gujarat International Financial Tec-City [GIFT City] in Gandhinagar. So, to avail the business opportunities and fiscal benefits offered by GIFT City-IFSC, the IOC board has approved the proposal to open the finance company called IOC Global Capital Management IFSC Ltd.
