Adani, Airtel among firms setting up treasury centres at GIFT City
17 treasury units expected as tax benefits, relaxed rules attract corporates
GIFT City shift enables cheaper funding, forex flexibility amid rupee volatility
Several major corporates, including entities linked to Gautam Adani, Bharti Airtel, Genpact and ZF Friedrichshafen, are planning to set up treasury operations at Gujarat's GIFT City, according to a Reuters report.
They are expected to join ArcelorMittal, which has already secured regulatory approvals to establish two treasury centres, as per public filings.
1 May 2026
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The Gujarat International Finance Tec-City (GIFT City) is being positioned by the government as a global financial hub to compete with centres such as Singapore and Dubai. The push has gained momentum after the government extended tax holidays for firms operating in the zone to 20 years and eased regulatory norms earlier this year.
Corporate Shift Towards GIFT City
Seventeen corporate treasury centres are expected to become operational in GIFT City over the next three months, sources told Reuters. Activity has accelerated sharply since January, with seven companies already securing licences and several others in different stages of approval.
The growing interest is being driven by multiple factors, including access to cheaper funding, lower taxes on dividend remittances, and the ability to hold assets in foreign currencies such as the US dollar amid rupee volatility.
By relocating treasury operations to GIFT City, companies can also centralise cash management, improve liquidity planning and gain flexibility in group-level borrowing.
"Treasury centres at GIFT City are allowing firms to pool cash and borrow at a group level with greater flexibility and improving access to funds generated by their Indian businesses," said Suresh Swamy, senior partner at PricewaterhouseCoopers.
Structural Shift in Capital Management
Officials view the trend as a structural shift in how India-linked companies manage global capital flows.
"The rise of treasury centres at GIFT marks a structural shift in how India-linked corporates manage global capital," said Dipesh Shah, executive director at the International Financial Services Centres Authority, though he declined to comment on specific companies.
Traditionally, corporate treasury operations have been based in offshore hubs such as Singapore and the Netherlands. These centres manage functions such as cash pooling, funding, foreign exchange and financial risk for multinational firms.
A key regulatory change introduced in April 2025 has further boosted interest. It allows banks in GIFT City to offer interest on current account balances—something not permitted under domestic banking rules governed by the Reserve Bank of India.
Foreign interest has also exceeded expectations, with a senior GIFT City official telling Reuters that multinational participation has been stronger than anticipated.
ZF Friedrichshafen confirmed it is exploring setting up operations in GIFT City but has not yet applied for a licence. Meanwhile, ArcelorMittal plans to use its GIFT City unit for cash pooling activities related to its India business, similar to its treasury operations in Paris.
