ONGC Videsh Ltd and IOC Inaugurate Global Treasury Centres at GIFT City

Public sector giants, ONGC Videsh Ltd and Indian Oil Corporation, have inaugurated their Global Treasury Centres at GIFT City, signaling a strategic move to oversee treasury operations for their international assets and facilitate fundraising endeavors. The announcement was made by K Rajaraman, Chairman of the International Financial Services Authority (IFSCA) at GIFT City, during the 10th Vibrant Gujarat Summit held in Gandhinagar.

Highlighting the growing interest of Public Sector Undertakings (PSUs) in GIFT City, Rajaraman disclosed that ONGC Videsh Ltd's Global Corporate Treasury Centre was inaugurated recently. This center is expected to manage the treasury operations of more than 25 subsidiaries of ONGC Videsh Ltd, raising approximately $4 billion for their international projects. ONGC Videsh Ltd has taken a significant step by incorporating a wholly owned subsidiary named OVL Overseas IFSC Ltd at GIFT City.

Furthermore, Rajaraman shared that the Indian Oil Corporation has commenced operations of its Global Corporate Treasury Centre at GIFT IFSC. This center is poised to oversee treasury operations for IOCL's overseas assets and is anticipated to raise over $5 billion from the GIFT IFSC.

To showcase success stories and explore new opportunities for Public Sector Units (PSUs), a conference involving central and state PSUs, as well as national cooperatives, is scheduled to take place at IFSC on February 23. The event aims to enable PSUs to leverage GIFT City as a platform for consolidating or launching global businesses, achieving cost-efficiencies in financing, and accessing structured funds.

HBL