Reliance Industries Plans Ship Leasing Entity at IFSC in GIFT City

Reliance Industries is planning to set up a ship leasing entity at the International Financial Services Centre (IFSC) in GIFT city, Gujarat. The proposed investment and expenses for the project are estimated at ₹22,033 crore, with the company seeking approval from the SEZ committee.

The ship leasing firm, named Reliance International Leasing IFSC, has submitted a proposal to the GIFT SEZ Authority to carry on the business of Operating Lease of ships, vessels, and voyage charters. The directors of the company include executives from Jio Financial Services Ltd and RIL, and the company plans to invest ₹22,033 crore in capital from financial liabilities and internal accruals.

If approved, the ship leasing entity at GIFT city will allow Indian entities to transact in foreign currency and enable them to return to India’s IFSC from overseas. Currently, India ranks 16th in the global list of the largest maritime countries and continues to engage with foreign entities for freight agreements despite having an enabling landscape for maritime activities.

Reliance is seeking regulatory approval for establishing a ship leasing entity at IFSC-GIFT city, which could help Indian entities transact in foreign currency and onshore offshore financial services in India. The plan includes a significant investment and financial projections for the next five years, with a total of 35 employees and a Net Foreign Exchange (NFE) of ₹38,330 crore. This move is part of efforts to attract Indian entities back to India, rather than operating in overseas locations due to regulations and taxes.

Source .