SAIL, Zydus apply to set up global treasury centres at GIFT City

BusinessLine reported that SAIL and Zydus have applied to set up global treasury centres at GIFT City. The outlet said GIFT City is positioning itself as a hub for global and regional treasury operations, allowing companies to centralise group-level financial activities through an entity operating within the IFSC. A treasury centre is the in-house unit that manages a group's cash, funding and currency needs; centralising it means handling these for the whole group from one place. GIFT City is India's financial hub in Gujarat, and the IFSC is its International Financial Services Centre, a zone that follows a separate set of rules for cross-border finance. The report did not give the size of the investment, the approval timeline or further terms of the two applications.

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