Shipping Corporation of India (SCI) set to open subsidiary in IFSC, GIFT City

New Delhi: State-run Shipping Corporation of India (SCI) is set to open a wholly-owned subsidiary in IFSC, Gift City, in Gandhinagar, Gujarat. It has received a nod from Niti Aayog and the Ministry of Ports, Shipping and Waterways. In a regulatory filing to the stock exchanges on Thursday, SCI said, “The Company has received Letter No. J/07-06-2024/E&FII dated 12.06.2024 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.”

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“It is further informed that the aforementioned proposal also has approval of the Ministry of Ports, Shipping and Waterways,” it added.

The Gujarat International Finance Tec-City (GIFT City) is India’s first International Financial Services Centre (IFSC) under the Special Economic Zone Act. A host of PSUs are setting up subsidiaries in GIFT City — IREDA, REC Limited, PFC, ONGC Videsh, LIC, Indian Oil, etc.

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