Gujarat: First Ship Leasing Entity Receives Nod To Operate From GIFT City

| Updated: February 23, 2023 8:39 am

RSCPL (IFSC) Private Limited, a 100% subsidiary of RBB Ship Chartering Pte Ltd, Singapore, has been granted a provisional licence to operate from Gujarat International Finance Tec-City (GIFT City), India’s first IFSC, in a significant step towards expanding ship leasing services in the country, said an official release on Wednesday. 

RSCPL obtained its maiden provisional licence for the ship leasing industry, and it intends to start doing business before March 2023. 

Remarking the development, Tapan Ray, MD and Group CEO of GIFT City, said, “GIFT City is witnessing significant growth in various business verticals related to international financial services. Operationalization of ship leasing businesses will help in creating conducive ecosystem for international maritime cluster at par with other global maritime hubs. We expect ship leasing businesses will witness a similar trajectory as seen in aircraft leasing & financing vertical.”

Given India’s extensive coastline and the large amount of international and domestic trade that occurs via sea channels, the maritime industry is a “strategically” significant sector for the nation. 

A legal framework for the establishment of the ship leasing company in GIFT City has already been put in place to take advantage of the tremendous growth potential. The framework enables the ship leasing companies to provide a hybrid lease structure from the GIFT IFSC, an operating lease, and a financial lease.

Raajesh Bhojwani, CEO and MD of RBB Ship Chartering Pte Ltd, Singapore, said, “We are happy to have received the first ship leasing licence at GIFT City. We appreciate the efforts of officials of the Government of India, GIFT City, and IFSCA in this major milestone. The entire team of RBB Ship Chartering Pte Ltd, Singapore, is proud to be the 1st company to start ship leasing business at GIFT City, Gandhinagar, India. We are currently a profitable bootstrapped company and our vision is to be a globally-listed entity with revenue of over USD 7 Billion by 2027.”

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