GANDHINAGAR : Singapore-based RBB Ship Chartering Pte Ltd has become the first ship leasing operator at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar.

RSCPL (IFSC) Private Ltd, a 100 per cent subsidiary of RBB Ship Chartering, has secured a provisional licence to commence ship leasing business at GIFT City, according to an official statement here.

The licence was granted in February 2023 and the commercial operations are scheduled to start before March.

Raajesh Bhojwani, CEO and MD, RBB Ship Chartering, 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.”

Tapan Ray, MD and Group CEO, GIFT City, said, “GIFT City is witnessing significant growth in various business verticals related to international financial services. Operationalisation of ship leasing businesses will help in creating a 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 and financing vertical.”

The maritime industry is a strategically important sector for India given its vast coastline and significant global and domestic trade via sea routes.

There is a huge opportunity for India in promoting the shipping industry by incentivising domestic and international shipping companies (particularly those offering ship leasing/ financial services) to set up base in India, a statement from GIFT City said.

To tap into this potential, a regulatory framework is in place to enable the setting up of ship leasing business in GIFT City. The framework allows ship leasing entities to offer operating lease, financial lease, and a hybrid lease structure from the GIFT IFSC, the statement added.