According to three sources, corporations establishing treasury operations in India's tax-neutral finance zone include Gautam Adani's company, telecom operator Bharti Airtel, U.S.-based Genpact, and automotive manufacturer ZF Friedrichshafen.
According to public papers, they will join ArcelorMittal, the second-largest steelmaker in the world, which has obtained regulatory approvals to establish two treasury centers.
The Modi administration is pushing Gujarat International Finance Tec-City, or GIFT City, as a financial hub to compete with Singapore and Dubai. The administration relaxed regulations and extended the tax break for businesses operating there to 20 years in February.

Two of the three sources, who declined to be named because they are not permitted to speak to the media, stated that seventeen corporate treasuries are expected to start operations in GIFT City over the next three months.
Historically, corporate treasury activities have been located in the Netherlands and Singapore. Multinational corporations handle cash, funding, liquidity, foreign exchange, and financial risks at global treasury centers.
According to the three sources, companies are establishing treasury centers in GIFT City due to lower funding costs, lower taxes on sending profits and excess cash to foreign operations, and the ability to store assets in dollars as the rupee depreciates.

India intends to maintain control and supervision over international financial flows connected to its businesses by moving this activity to GIFT City.
According to Suresh Swamy, a senior partner at PricewaterhouseCoopers, "Treasury centers 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."
A representative for Germany-based ZF Friedrichshafen responded to a Reuters inquiry by emailing that the company is considering a GIFT City setup but has not yet applied for a license.

There was no response to emails sent to the other businesses listed in this story.
The names of businesses that intend to establish operations in GIFT City have not before been made public.
"The rise of treasury centers at GIFT... marks a structural shift in how India-linked corporates manage global capital," stated Dipesh Shah, executive director of the International Financial Services Centre Authority, a regulator of GIFT City." Regarding specific businesses establishing treasury operations at the tax hub, he declined to say.
PUSH FOR REGULATION
According to sources, activity has increased significantly since January, with seven businesses obtaining regulatory licenses and another seventeen at various stages of approval.According to two of the sources, regulation changes from April 2025 are mostly responsible for the latest spike.
"The interest from foreign multinational companies has been beyond our expectations," a top GIFT City regulatory official stated, requesting anonymity because they are not permitted to speak to the media.
According to the sources, a significant modification permits banks to pay interest on current account balances, a practice that the Reserve Bank of India forbade for onshore lenders. According to two of the three sources, just one international bank has initiated this thus far.According to the sources, ArcelorMittal, an early entrant, intends to use GIFT City for cash pooling activities for its India firms, same as it does through its treasury center in Paris through an entity called ArcelorMittal Treasury.