Gandhinagar: Welspun Mauritius Holdings Ltd, a wholly owned subsidiary of Welspun Corp, has announced plans to establish a new entity, Welspun Global IFSC Ltd, at Gujarat International Finance Tec-City (GIFT City). The proposed entity will operate as a Global/Regional Corporate Treasury Centre (GRCTC) under the International Financial Services Centre (IFSC) framework.

In a regulatory filing, the company stated that Welspun Global IFSC Ltd will be a step-down subsidiary of Welspun Corp, and its shares will be subscribed through cash consideration. Welspun Corp, directly and through its subsidiary Welspun Pipes Inc, currently holds 100% of Welspun Mauritius Holdings Ltd.

Several major firms, including ArcelorMittal Nippon Steel, Indian Oil Corporation, ONGC Videsh Ltd, GAIL India Ltd, and Power Finance Corporation, have also proposed setting up similar global treasury centres in GIFT City. DeshGujarat