IndianOil and DBS bank, Singapore sign agreement

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KOKRAJHAR: The wholly owned subsidiary of IndianOil, IOC Global Capital Management IFSC Limited (IGCMIL) carried out its first transaction at GIFT City, Gandhinagar on Thursday. The term sheet of the transaction of raising loan from DBS Bank Singapore, amounting to US$100 million to refinance IndianOil’s existing ECB (External Commercial Borrowing) loan was signed by Ruchir Agrawal, Director (IGCMIL), and Vikas Om Sahai, Senior Vice President, DBS Bank. The transaction is in line with the vision of IFSC Gift City of bringing foreign capital to India and releasing the bandwidth of the Indian Banking Industry.

 Sources said Dr. Hasmukh Adhia, Chairman, GIFT City, Shrikant Madhav Vaidya, Chairman, IndianOil, Anuj Jain, Director (Finance), IndianOil, Sanjay Kaushal, Chairman, IGCMIL and Executive Director (Finance), Corporate Office and members of senior management of IndianOil were present on the occasion.

 Commending this milestone achievement, Vaidya said, “Through IGCMIL, we aim to bring greater coherence and control to our overseas investments, optimising our financial operations and enhancing our global footprint. IGCMIL will provide a platform to attract foreign investments for IndianOil’s expansive capital expenditure plans including renewable projects. One of the ventures that IGCMIL will undertake is in the realm of ship acquisition, financing, and leasing. By venturing into this domain, we aim to insulate our company from the unpredictability of the geopolitical dynamics, securing our energy supply chain for the long term.”

Calling IndianOil’s step of setting up a subsidiary as a visionary idea, Dr. Adhia, said, “To facilitate sourcing the finances from global market for the companies, there cannot be better financial eco-system than GIFT city. We believe that GIFT City would become a big financial centre of South East Asia.”

Sharing the blueprint of the IGCMIL, Anuj Jain, said, “GIFT City presents a unique ecosystem for vital economic activities, with globally benchmarked protocols, taxation policies and more, fully supported by Government of India, to cater to the requirements of global and domestic business enterprises. 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 the coming years, IGCMIL shall provide platform to onshore the offshore investments of IndianOil.”

 Looking ahead, IndianOil is set to embark on an ambitious journey. And IGCMIL marks a significant milestone in this journey of pioneering innovative financing solutions for a sustainable and prosperous future.

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