India's Top Refiner Sets Up New Unit For Treasury Operations
India's top refiner Indian Oil Corp has set up a subsidiary to pool the funds of its overseas units in order to meet capital and trade finance needs, it said in a statement on Thursday.
The new unit - Finance Company - will help IOC benefit from interest arbitrage as the company's borrowings increase after selling fuel locally at below-market rates.
Finance Company will be based in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) in western India.
GIFT City is the culmination of Prime Minister Narendra Modi's dream to create an international financial centre in the western state, where he was chief minister from 2001 to 2014.
Companies based in GIFT City get a 100% income tax exemption for 10 years.
Finance Company will "carry out finance activities such as fund pooling of foreign companies and utilise the same for carrying out trade financing of IOC and group companies".
IOC controls about a third of India's 5 million barrel per day (bpd) refining capacity and regularly requires trade financing for its crude imports.
Finance Company will also handle IOC's global treasury operation and utilise IFSC to raise capital and debt from overseas markets, it said.
Related News
Latest Cars
Upcoming Cars
Latest News
car&bike Team | Mar 7, 2026Top Petrol Scooters in India with Largest Underseat Storage (2026)If practicality is your top priority in a scooter, these petrol two wheels offer the most generous underseat storage for helmets, groceries, and daily commuting essentials.1 min read
car&bike Team | Mar 7, 2026Maharashtra Proposes Double Green Tax, Scrappage Incentives For Old VehiclesVehicle owners scrapping BS-III or BS-IV models may get up to 30 per cent road tax concession, while proposed green tax rates for older vehicles could double.2 mins read
Jaiveer Mehra | Mar 7, 2026New Renault Duster’s Global Modular Platform Can Spawn Nexon Rival, Sedans, MPVs & MoreRenault says the new modular platform has been designed to accommodate varying top hats and models ranging from sub-4m in length all the way to 4.7 metres.3 mins read
Bilal Firfiray | Mar 7, 2026Toyota Rumion Gets New Base E Variant, Prices Now Start At Rs 9.56 LakhToyota has launched a new base E variant of the Rumion at Rs 9.56 lakh, reducing the MPV’s entry price by Rs 95,000.1 min read
car&bike Team | Mar 6, 2026QJ Motor SRK 421 RR Unveiled In EuropeThe SRK 421 RR is powered by a high-revving, liquid-cooled, 421 cc, inline-four engine which makes 76 bhp at 14,000 rpm and 39 Nm at 13,000 rpm.1 min read
Shams Raza Naqvi | Mar 6, 2026Batman Returns: Mahindra To Reopen Bookings For BE 6 Batman EditionMahindra had first launched the Batman in August 2025 when all 999 units got sold out in no time.2 mins read
Bilal Firfiray | Feb 28, 2026Tata Punch EV Facelift Review: More Range, More Sense, Less MoneyThe Tata Punch EV facelift gets a bigger 40 kWh battery, faster 60 kW DC charging, improved thermal management, and better real-world range, and all of that at a lower introductory price. But does it become a more complete package now?6 mins read
Preetam Bora | Feb 24, 2026Hero Destini 110 Review: Simplicity, RefinedThe Hero Destini 110 is a no-nonsense commuter that is simple, comfortable and above all, fuel efficient. In 2026, when buyers are spoilt for choice, is it good enough to consider?6 mins read
Preetam Bora | Feb 23, 2026TVS Apache RTX Road Test Review: Redefining the Entry-Level ADVAfter spending some time with the TVS Apache RTX in traffic, the daily commute, as well as on open highways, one thing becomes clear: the RTX is trying to redefine the entry-level ADV segment. But is it without fault?1 min read
Girish Karkera | Feb 20, 2026Road Test: 2025 VinFast VF7 AWD Sky InfinityFlagship all-electric SUV from the Vietnamese car maker gets most of the basics right.1 min read
Jaiveer Mehra | Feb 18, 2026New BMW X3 30 Vs Mercedes-Benz GLC 300: Midsize Luxury SUV FaceoffWith the new X3 30, BMW has a direct competitor to the petrol GLC 300, but which is the luxury SUV for you?1 min read