IOC sets up new unit for treasury operations
NEW DELHI: 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.
