GANDHINAGAR, May 2 -- Six listed companies have applied for licences to set up corporate treasury centres in Gujarat International Finance Tec-City, or GIFT City, said Kalyanaraman Rajaraman, chairperson of the International Financial Services Centres Authority (IFSCA). The applications signal rising interest in India's offshore financial hub as large companies look to centralize global cash and risk management. While the regulator declined to identify the applicants, Rajaraman said demand is likely to rise over time. "We have issued 10 authorizations till date. we are talking to almost every MNC (multinational company). By the end of this year, we will have at least double, if not triple, of that number," Rajaraman told Mint in an interview on the sidelines of the IFSCA Corporate Treasury Conference 2026 in Gandhinagar. The conference, the first of its kind, was attended by about 30 public sector entities, private companies and multinational companies-those with an India presence and those evaluating an entry-highlighting the widening appeal of GIFT's treasury framework. "We always felt that it would be a good proposition for Indian MNCs. however, we have also got very good interest from foreign companies having business in India and also not having business in India," Rajaraman said. Companies that have already set up shop in GIFT City include GAIL Global, IOC Global Capital Management, OVL Overseas, ReNew Treasury, ArcelorMittal Treasury Centre India, AMNS Global Treasury Centre, Welspun Global, Global Treasury, ATSOL Global and Amefird Treasury, the IFSCA website showed. Last year, the IFSCA revamped the corporate treasury centre framework to align it with global practices and position GIFT City as a regional hub for managing group-level finance functions. The idea is to allow companies to pool liquidity, raise capital, manage foreign exchange and interest rate risks, and deploy surplus funds from a single offshore base. Activities permitted include borrowing and lending within the group, transacting in financial instruments, undertaking derivatives for hedging, and even acting as a holding company or advisory hub for financial risk management. The framework offers regulatory and tax incentives including principle-based regulations, exemptions from certain prudential norms, zero withholding tax on specific intra-group loans, and a concessional tax regime, making it comparable to established hubs in Singapore or Dubai. Rajaraman emphasized that the corporate treasury model is designed to create a broader financial ecosystem in GIFT City. "It also gives business to other parts of the ecosystem like banks, advisors, consultants and others. So, it is truly becoming an ecosystem," he said. The push comes as the Indian rupee has persistently depreciated against the US dollar, increasing the importance of sophisticated treasury operations for companies with global exposure. In FY26, the Indian rupee has declined by 11%. Centralized treasury centres allow companies to hedge currency risks more efficiently, optimize funding costs and manage liquidity across jurisdictions - capabilities that are becoming critical in a volatile macro environment....