News Oil & Gas

Indian Oil unit to raise $100 million loan from DBS in first GIFT deal

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 Tuesday.
IOC Global Capital Management IFSC Limited (IGCMIL), the wholly owned unit of Indian Oil, will use the funds to refinance the parent’s existing external commercial borrowing.

Through IGCML, the group aims to bring greater coherence and control to overseas investments, Indian Oil chairman Shrikant Madhav Vaidya said. “One of the ventures that IGCMIL will undertake is in the realm of ship acquisition, financing, and leasing,” he said.

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.

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