Indian Oil Corporation gets approval for formation of WOS-FC
29th Sep 2022

Indian Oil Corporation’s (IOC) Board has accorded approval for formation of Wholly Owned Subsidiary (WOS) - Finance Company (FC) and opening of its office in International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City), Special Economic Zone (SEZ), Gandhinagar.

The WOS-FC at Gift City, Gandhinagar would facilitate the various business opportunities such as carry out finance activities as stipulated in regulation 5 of IFSCA Finance Company Regulations including activities like fund pooling of foreign companies and utilize the same for carrying out trade financing for IndianOil and group companies; carry out Global Treasury Operations and utilizing IFSC to raise capital and debt from overseas market by setting up Finance Company.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.