Reliance International Leasing IFSC plans to set up a ship leasing entity at IFSC-GIFT City in Gujarat. The total investment and expenses will be nearly Rs 22,033 crore. 

The proposal made by Reliance to the GIFT SEZ Authority is for approvals to set up a ship leasing firm to carry on the business of operating lease of ships, vessels and voyage charters. The setting up of the shop by Reliance Industries’ (RIL) arm is subject to the SEZ committee’s approval.

The promoter and investors will invest Rs five crore capital from financial liabilities, Rs 11,607 crore and balance Rs 13.26 crore from internal accruals. A total of 35 people will be employed with a NFE of Rs 38,330 crore over a period of five years.

Ship leasing is the new addition to the activities permitted by the regulatory authority IFSC at GIFT city. Setting up a ship leasing entity at GIFT city allows Indian entities to transact in foreign currency. This would enable Indian firms which shifted overseas due to regulations to come back to IFSC in India, thereby helping to onshore the offshore financial services.