New Delhi: In IFSC, Gift City, in Gandhinagar, Gujarat, the state-run Shipping Corporation of India (SCI) plans to establish a wholly-owned subsidiary. Niti Aayog and the Ministry of Ports, Shipping, and Waterways have given it their approval.
According to the Special Economic Zone Act, the Gujarat International Finance Tec-City (GIFT City) has India’s first International Financial Services Center (IFSC). Numerous PSUs such as IREDA, REC Limited, PFC, ONGC Videsh, LIC, Indian Oil, and other public-sector entities are establishing subsidiaries in GIFT City.
“The Company has received letter from NITI Aayog communicating their concurrence regarding in-principle approval for formation of wholly-owned subsidiary of Shipping Corporation of India Limited (SCI), a Navratna CPSE, at GIFT City,” SCI stated in a regulatory filing to the stock exchanges.
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