CHENNAI: The wholly-owned subsidiary of IndianOil, IOC Global Capital Management IFSC Ltd (IGCMIL) carried out its first transaction at GIFT City, Gandhinagar on Tuesday.
The term sheet of the transaction of raising loan from DBS Bank Singapore, amounting to $100 million to refinance IndianOil’s existing ECB or external commercial borrowing loan, was signed by Ruchir Agrawal, director, IGCMIL and Vikas Om Sahai, SVP, DBS Bank.
This 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.
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 this occasion.
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 capex 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,” he added.