The Great Eastern Shipping Company Limited announced that the Board of Directors at their meeting held on March 15, 2024 has approved a proposal to incorporate a Wholly Owned Subsidiary (WOS) in International Financial Services Centre ('IFSC') at Gift City, Gandhinagar, Gujarat with the main object of 'ship leasing' which shall include owning, operating and chartering of vessels and other permissible activities. The authorized equity share capital of the proposed WOS shall be INR 50 million. The initial paid up equity share capital shall be INR 9 million to be subscribed by the Company for cash.

The name of the WOS shall be 'The Great Eastern Shipping (IFSC) Limited' or such name as may be approved by the Registrar of Companies.