IOC to set up unit in GIFT City to help raise capital

Indian Oil Corporation (IOC), the nation’s largest oil firm, on Thursday said it will float a new company to carry out finance activities including global treasury services in GIFT City, Gandhinagar.

In a stock exchange filing, IOC said its board has accorded approval for the formation of a wholly-owned subsidiary and opening its office in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City) in Gandhinagar.