More entities aim to raise funds through GIFT City unit

MORE ENTITIES ARE exploring fundraising opportunities through Gujarat International Finance Tec-City (GIFT City) treasury centres to benefit from the tax advantage. Certain companies are also in discussions to set up treasury centres in GIFT City to capitalise on this opportunity.

- CHRISTINA TITUS

Adani Transmission Step-One (ATSOL), a subsidiary of Adani Energy Solutions, will likely raise $500 million through dollar bonds through its treasury centre in GIFT City in March or April.

360tf, a trade finance company, also plans to raise fund through this route, people aware of the development said.

Indian Oil and ONGC have already set up treasury centres. They may also view this as an opportunity and pursue fundraising through it, sources said. This serves as a tax-saving move as fundraising via a GIFT City unit avoids withholding tax.