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.”
“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.