Yes it is GSFC : Gujrat State Finance Coorporation not Gujarat State Fertilizers & Chemicals Ltd ( which is a listed promotor company which owns 19.8% of GNFC).
Company has net cash of around 3400 crores out of which 1600 crores is in Gujrat State Finance Coorporation .
In the recent concall there were also questions related to yield on huge cash compared to market cap given that now bonds have high yield.
Attaching screenshots from transcript.
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