The Shipping Corporation of India (SCI) has secured approval from both Niti Aayog and the Ministry of Ports, Shipping, and Waterways to establish a wholly-owned subsidiary in the Gujarat International Finance Tec-City (GIFT City) located in Gandhinagar, Gujarat. This strategic move marks SCI’s foray into India’s first International Financial Services Centre (IFSC), operating under the Special Economic Zone Act.
In a recent regulatory filing to the stock exchanges, SCI announced the receipt of an official letter from Niti Aayog, dated June 12, 2024, confirming their concurrence for the formation of the subsidiary. The proposal has also garnered approval from the Ministry of Ports, Shipping, and Waterways, underscoring its significance within the maritime sector.
GIFT City has been attracting a plethora of Public Sector Undertakings (PSUs) to establish subsidiaries within its precincts, with entities such as IREDA, REC Limited, PFC, ONGC Videsh, LIC, and Indian Oil already making strides in the burgeoning financial hub. SCI’s decision to join this esteemed cohort underscores the city’s growing prominence as a hub for financial and maritime activities, offering ample opportunities for synergistic growth and collaboration within the sector.
