Nature of Update
Grasim Industries Limited has incorporated a new associate company, UHG Holdings IFSC Private Limited, in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City).
Key Operational or Strategic Points
- Target Entity: UHG Holdings IFSC Private Limited (Corporate Identification Number: U64910GJ2026PTC182701)
- Date of Incorporation: 20th August, 2026
- Ownership Structure: Joint incorporation by:
- Grasim Industries Limited (subscribed 9,000 shares of ₹10 face value for ₹90,000)
- UltraTech Cement Limited (subsidiary company, subscribed 41,000 shares of ₹10 face value for ₹4,10,000)
- Hindalco Industries Limited (promoter group company, subscribed 50,000 shares of ₹10 face value for ₹5,00,000)
- Total Equity Contribution: ₹10,00,000 for 100,000 shares of ₹10 face value each
- Business Operations: UHG Holdings will engage in purchasing, leasing/sub-leasing, chartering, hiring, owning, and operating aircraft, ships, ocean vessels, and other modes of transportation in accordance with IFSC regulations
- Regulatory Framework: The entity will be governed by the International Financial Services Centres Authority Act, 2019, International Financial Services Centres Authority (Finance Company) Regulations, 2021, and IFSCA framework
- Approval Status: UHG Holdings will seek approval from the International Financial Services Centres Authority (IFSCA)
- Related Party Status: Consequent to incorporation, UHG Holdings has become a related party of Grasim Industries Limited
Material Financial Impact
- Turnover: Not applicable as it is a newly incorporated entity
- Historical Financials: No turnover for the last three years (not applicable)
- Geographic Presence: India (GIFT City, Gujarat)
- Funding Source: Equity contributions from the three incorporating companies