RSCPL (IFSC) Private Ltd, a wholly owned subsidiary of RBB Ship Chartering Pte Ltd, Singapore, has received provisional licence to operate from India’s first International Financial Services Centre in Gujarat International Finance Tec-City (GIFT City), the company said on Wednesday.
RSCPL (IFSC) Pvt Ltd said it has received the maiden provisional licence for ship leasing business in February 2023 and is planning to commence commercial operations before March 2023.
The maritime industry is a strategically important sector for India given the country’s vast coastline with massive global and domestic trade via sea routes.
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“There is also a huge opportunity for India in promoting the shipping industry by incentivising domestic and international shipping companies (particularly those offering ship leasing / financial services) to set up their base in India,” the company said in a statement.
To tap into this growth potential, a regulatory framework to enable the ship leasing business to be set up in GIFT City has already been put in place. The framework allows the ship leasing entities to offer operating lease, financial lease, and a hybrid lease structure from the GIFT IFSC.
GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC). It is supported by infrastructure encompassing all basic urban infrastructure elements along with an external connectivity.