Several major companies, including Gautam Adani’s group, Bharti Airtel, US-based Genpact, and auto components leader ZF Friedrichshafen, are establishing treasury operations in India’s tax-neutral financial hub, GIFT City, according to sources familiar with the matter. ArcelorMittal, the world’s second-largest steel producer, has already obtained approvals to set up two treasury centres.
GIFT City in Gujarat is being positioned as India’s answer to global financial hubs like Singapore and Dubai. Recent policy changes, including a 20-year tax incentive extension and relaxed regulations, have significantly boosted interest from corporations. Around 17 corporate treasury units are expected to begin operations in the next few months, sources said.
Traditionally, multinational treasury functions have been based in financial centres such as Singapore and the Netherlands, where companies manage liquidity, cash flows, foreign exchange exposure, and financial risk. GIFT City is now emerging as an alternative due to lower taxation, easier access to funding, and the ability to hold foreign currency assets in a weakening rupee environment.
Experts say this shift allows companies to centralise cash management and improve group-level financing flexibility. Officials also view it as a way for India to retain greater oversight over capital flows linked to domestic firms.
Regulatory momentum has accelerated since early 2025, with multiple approvals already granted and more applications in progress. A key policy update allowing interest payments on current account balances has further increased attractiveness for foreign banks and multinational firms.
ArcelorMittal, one of the early adopters, plans to use GIFT City for cash pooling across its India operations, similar to its existing structure in Paris. Other companies are still in various stages of evaluation or licensing, with some confirmations yet to be formally announced.
