Mumbai, May 30 (IBNS): Bloomberg announced today that the GAIL (India) Limited, India’s largest state-owned natural gas processing and distribution company, has adopted Bloomberg’s treasury solutions to further enhance its risk management needs.
In addition to adopting Bloomberg’s Foreign Exchange electronic trading platform (FXGO) for foreign exchange dealing, GAIL is expanding the company’s use of Bloomberg solutions to help further automate its treasury workflow and provide a comprehensive oversight of its accounting risks.
“As our treasury function grows in sophistication and complexity, it was important that we have the right technology to support our needs,” said Sh. A.K. Tiwari, Director (Finance) at GAIL.
Bloomberg offers a full suite of integrated solutions for the entire risk management workflow that provides powerful treasury functionality underpinned by high quality data. Treasury solutions adopted by GAIL include pre-trade analysis, corporate finance and valuation services.
“It’s very encouraging to see public sector companies in India continuing to adopt a strong risk management mindset,” said Ashlesh Gosain, Head of South Asia Sales for Bloomberg. “A treasury department is a backbone for any corporation, so minimizing operational risks by automating manual processes should be its top priority. This is especially important for companies looking to build a strong central treasury function to efficiently manage its subsidiaries on one seamless workflow.”
Bloomberg’s new subsidiary staging portal has created for GAIL, an automated, real-time central treasury platform. These enhancements will reduce its operating risk, increase efficiency and create a fully-transparent audit trail.