IDBI Trusteeship Services Ltd commences operation from GIFT City

IDBI Trusteeship Services Ltd (ITSL) on Tuesday said it has commenced operations at the Gujarat International Finance Tec-City (GIFT City).

In a statement, Padma Betai, MD and CEO of IDBI Trusteeship Services Ltd, said operating business from GIFT City tends to be cost-efficient as against high costs attached to maintaining overseas offices and will be a game changer in terms of revenues for the trusteeship business.

Going forward, the entity will also offer facility agent services to IFSC banking units for their External Commercial Borrowings (ECB) transactions, trusteeship services to Non-Convertible Debentures (NCDs) and Alternative Investment Funds (AIFs), and escrow agency services for cross border Mergers and Acquisitions (M&A) transactions.

''We are witnessing significant interest from distinctive business verticals to set up their operations in GIFT City and creating benchmarks in providing a conducive business ecosystem to financial institutions at par with global standards,'' Tapan Ray, MD and Group CEO of GIFT City, said.