Singapore-based RBB Ship Chartering Pte Ltd (RSCPL) on Wednesday became the first ship leasing operator at India’s first International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City), Gandhinagar.

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Raajesh Bhojwani, CEO and MD of RSCPL, in a statement, said, “We are happy to have received the first ship leasing licence at GIFT City. We are currently a profitable bootstrapped company and our vision is to be a globally listed entity with revenue of over $7 billion by 2027.”

RSCPL, a 100 percent subsidiary of Singapore’s RBB Ship Chartering Pte Ltd, said that a provisional licence to operate was granted in February 2023 and the commercial operations are scheduled to start before March.

This regulatory framework allows RSCPL to set up its ship leasing business in GIFT City, most of which has already been put in place. The government’s approval allows ship leasing entities to offer operating leases, financial leases, and a hybrid lease structure from the GIFT IFSC.

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… We expect ship leasing businesses will witness a similar trajectory as seen in aircraft leasing & financing vertical.”

GIFT City is India’s first global financial and IT services hub and is supported by all basic urban infrastructure with external connectivity. GIFT City also provides a business ecosystem to enable ease of doing business and a competitive tax regime.

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(Edited by : Pradeep John)