An Indian Oil Corp’s unit has signed its first deal in GIFT City, Gandhinagar to raise a $100 million loan from DBS Bank Singapore, the country’s top refiner said in a statement on Jan 30. IOC Global Capital Management IFSC Limited (IGCMIL), a wholly owned subsidiary of Indian Oil, will use the funds to refinance the parent's existing external commercial borrowing.
According to Indian Oil chairman Shrikant Madhav Vaidya, the group's goal with IGCML is to improve the coherence and control of overseas investments. "One of the ventures that IGCMIL will undertake is in the realm of ship acquisition, financing, and leasing," he went on to say.
IGCMIL shall provide a platform for onshoring the offshore investments of Indian Oil, said Anuj Jain, director (finance) of Indian Oil. “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,” he added.
