New Delhi, Sep 29 (PTI) State-owned Indian Oil Corporation (IOC) has floated a wholly-owned subsidiary to carry out finance activities such as fund pooling and treasury operations, it said on Thursday.

In a stock exchange filing, IOC said its board has accorded approval for formation of the subsidiary - Finance Company and opening its office in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (Gift City) in Gandhinagar.

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The unit will "carry out finance activities including activities like fund pooling of foreign companies and utilising the same for carrying out trade financing of IOC and group companies."

It would also do global treasury operation and utilising IFSC to raise capital and debt from overseas market.

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It will utilise IFSC for inbound investment from foreign partners and outbound investments of IOC and be the gateway for reinsurance business, it said, adding the unit would also invest in foreign securities.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)