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GAIL establishes wholly owned subsidiary in IFSC at GIFT City, Gujarat
State run Gas utility firm, Gail (India) Ltd has incorporated a wholly owned subsidiary, Gail Global IFSC Ltd with authorised share capital of Rs 170 million with initial paid up capital of Rs 85 billion.
The subsidiary will operate as a finance company in IFSC GIFT City, Gujarat to undertake Global and Regional Corporate Treasury Centers activities.
The Ministry of Petroleum and Natural Gas has conveyed the approval of DIPAM for the formation of a wholly owned subsidiary of Gail in the International Financial Service Center at GIFT City in Gujarat.
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