Ripley Shipping India IFSC Private Ltd has become the first company to lease a vessel from the Gujarat International Finance Tec-City (GIFT City). The company received a certificate of registration from the International Financial Services Centres Authority (IFSCA) in March 2023 to operate from the International Financial Services Centre (IFSC) in GIFT City.

MV Ripley Pride is a bulk carrier (Panamax) that was built in 2003 in Japan with a carrying capacity of approx. 76,858 deadweight tonne (DWT). The length overall of the vessel is 225 m and the width is 32.26 m. This is the first ship/vessel cleared through GIFT IFSC, says a release.

‘Pivotal breakthrough’

Tapan Ray, Managing Director and Group CEO of GIFT City, said, “The successful leasing of the first ship from GIFT IFSC exemplifies a pivotal breakthrough for the ship leasing landscape in India. This event highlights the immense potential for growth and investment in the maritime sector from Indian shores, positioning GIFT City as a destination of choice for both domestic and international players seeking to capitalise on India’s ship leasing and financing opportunities.”

Shoumik Bose, Promoter and CEO of Ripley Group, said, “We are pleased to embark on this journey from GIFT IFSC with the first ship leased. The fast-track approvals from the SEZ Department and GIFT City authorities have ensured the timely completion of the entire transaction. We are looking for more vessels/ships to be leased/chartered from our GIFT IFSC unit.”

Each year, India is estimated to pay about $75 billion for seaborne freight to foreign shipping companies. With the promotion of ship leasing and financing business from GIFT IFSC, India is poised to set a new benchmark in this segment in the time to come.

Expanding business

Ripley Group, which is engaged in stevedoring, cargo handling and port management activities on eastern coastal ports of India, has expanded its business to include shipping business in international sea-routes through presence in UAE and Singapore.

GIFT City is India’s first operational smart city and International Financial Services Centre is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts. It is supported by infrastructure encompassing all basic urban infrastructure elements along with an excellent external connectivity. It also provides conducive business ecosystem with ease of doing business, competitive tax regime, quality of life and many more advantages, the release said.

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