SAIL and Zydus Apply to Establish Global Treasury Centres at GIFT City

State-owned Steel Authority of India Ltd (SAIL) and pharmaceutical major Zydus Group have applied to set up global treasury centres at Gujarat International Finance Tec-City (GIFT City). This move adds to the expanding list of Indian corporates looking to centralise their financial operations at the International Financial Services Centre (IFSC).

According to applications filed by SAIL Global IFSC and Zydus Global Treasury Centre IFSC, both companies have proposed activities under the Global/Regional Corporate Treasury Centre (GRCTC) framework within GIFT IFSC. SAIL Global IFSC has proposed an office spanning 446 square metres on the sixth floor of Rajyash One, with an initial workforce of nine employees. Meanwhile, Zydus Global Treasury Centre IFSC has proposed an office measuring 315 square metres on the 18th floor of FlexOne.

These proposals follow closely behind Adani Airports Holdings approaching the International Financial Services Centres Authority (IFSCA) to establish a global treasury centre through its wholly-owned subsidiary, AAHL Global IFSC. This entity marks the second Adani Group company to pursue the IFSC route, following ATSOL Global IFSC associated with Adani Energy Solutions. Adani Airports has proposed an initial office space of 7.43 square metres and a workforce of two employees, with funding through capital infusion from the parent company.

Global and Regional Corporate Treasury Centres function as in-house banks for corporate groups, managing financial operations across subsidiaries and associated entities. These centres undertake activities such as intra-group lending and borrowing, cash and liquidity management, deployment of surplus funds, foreign exchange transactions, hedging, and financial risk management, subject to regulatory frameworks. The objective is to allow large corporate groups to consolidate treasury operations that are typically spread across multiple jurisdictions, thereby enabling more efficient management of group liquidity and financial exposures.

The regulatory framework for these centres was introduced by IFSCA in June 2021 and subsequently revised in April 2025. It permits finance companies and units established in the IFSC to undertake treasury activities for group entities. The revised framework allows treasury centres to be set up as subsidiaries or branches of companies incorporated in India or overseas, and provides for a minimum owned-fund requirement of $200,000.

The treasury-centre ecosystem at GIFT City continues to expand. Other companies that have established or pursued treasury operations in the IFSC include entities associated with Indian Oil Corporation, ONGC Videsh, GAIL, ArcelorMittal-Nippon Steel, Sun Pharmaceutical Industries, Adani Energy Solutions, Welspun, Synechron, JLL, ReNew, and Continuum Green Energy.

This expansion is reflected in business volumes. Loans and advances by treasury centres in GIFT IFSC reached $6.54 billion as of June 2026, compared with $2.73 billion in June 2025, marking a year-on-year increase of approximately 140 per cent. Additionally, investments rose to $495.77 million from $78.31 million over the same period.

"The steady influx of major Indian corporations establishing global treasury centres at GIFT City highlights the growing maturity of India's international financial services ecosystem. By centralizing cross-border financing, liquidity management, and foreign exchange operations within a dedicated domestic jurisdiction, large enterprises across steel, pharmaceuticals, and infrastructure are able to optimize their capital efficiency. The substantial growth in loan volumes and investments within the IFSC demonstrates that the regulatory framework is successfully addressing the complex treasury needs of Indian multinational groups." — Dr. Shishir Gupta, Founder & CEO, StartupLanes