OFFSHORE CAPITAL
Looking to switch citizenship? Try Vanuatu. It's fast & cheap
Citizenship-by-Investment programs like in Vanuatu are attracting Indians seeking quick and inexpensive passport switches to avoid tax scrutiny and protect offshore wealth. Vanuatu's program offers visa-free access to many countries, making it popular among NRIs looking to escape the Indian tax net.
Q1 results today: HCL Tech, IREDA among 14 companies announce earnings on Friday
TCS has started the first quarter earnings season with positive results, signaling an improved business environment. Today, HCL Tech, along with 13 other companies, will announce their earnings for the quarter ended June. Other notable companies reporting earnings include 5paisa Capital, Atharv Enterprises, Betala Global Securities, Gautam Gems, Golkonda Aluminum, Indo Cotspin, Infomedia Press, IREDA, and Oriental Hotels.
India Inc raises record $30 billion in 6 months, riding FPO wave
Indian companies have raised a record $29.5 billion in the equity market through IPOs & FPOs in the first half of 2024, more than double the amount raised last year. Follow-on public offers accounted for 85% of the total proceeds. Analysts anticipate a potential record year for equity issuances.
Stock ‘GIFT’ to founders of tech cos, unicorns comes under ED lens now
The ED is investigating technology firms and unicorns for violating FEMA through offshore fundraising tactics. The 'gift' of shares to Indian founders is under scrutiny, raising concerns over overseas direct investment. Indian promoters are being questioned and may need to explain past transactions.
Carlyle, CVC & Hillhouse in the fray for GeBBS
Global private equity firms including Carlyle Group, Hillhouse Investment and CVC Capital Partners have been shortlisted to acquire ChrysCapital-owned GeBBS Healthcare Solutions, said people familiar with the development. The deal proposes to value the Los Angeles-based healthcare business process outsourcing firm at $800 million. The firms, shortlisted after the initial round, will submit a binding offer by mid-July, said one of the persons, who did not wish to be identified.
Viability gap funding set to boost offshore wind energy space: Crisil
The government's outlay, announced on June 19, includes Rs 6,853 crore for the installation and commissioning of 1 GW of offshore wind energy projects of 500 MW each off the coast of Gujarat and Tamil Nadu. It also has Rs 600 crore for augmentation of two ports to meet the logistics requirements for offshore wind energy projects farms and encourage developers to enter this space.
Capital needs to remain high for Indian corporates: Moody's
Moody's Ratings reported on Thursday that Indian corporates face high capital requirements for capacity expansion and growth spending. 16 out of 23 rated companies are estimated to need USD 70-100 billion annually over the next two years. While domestic liquidity can cover some needs, offshore funding remains crucial. Strong consumption growth, infrastructure spending, and government targets will continue to drive corporate capital needs.
India's growth set to get more broad-based, says Morgan Stanley; pegs 6.8% for 2024
India's strong growth, driven by consumer and business spending, is expected to become more broad-based, according to Morgan Stanley. The global investment bank forecasts 6.8% growth in 2024, attributing it to global offshoring, digitalization, and energy transition. Retail inflation is at 4.83%, within RBI's comfort zone. S&P Global Ratings revised its outlook on India to positive, citing robust economic growth and fiscal policies.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
View: Fund pool, more AIFs than buts
In 2015, when investment in AIFs was made permissible under the automatic route, rules on indirect foreign investment were also recalibrated. Downstream investments by companies were categorised based on the origin of invested capital. However, for AIFs, emphasis was placed on control over deployment of the capital, rather than the capital origin, indicating a nuanced regulatory approach to foreign investments under the extant framework.
Will prime residential assets remain the mainstream investment avenue for HNIs in India?
Real estate, long favored by India's affluent, served as an inflation hedge in a socialist economy. However, liberalization altered dynamics, shifting focus to financial assets as domestic real estate faced cyclicality amidst changing economic landscapes.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Green with Envy: Now ONGC, NTPC arm may bid for Ayana Renewable Power
Oil and Natural Gas Corp (ONGC) is reportedly in discussions with NTPC Green Energy to form a consortium for bidding on Ayana Renewable Power, owned by the National Investment and Infrastructure Fund (NIIF). The enterprise value of Ayana is estimated to be around $2 billion. Other entities like JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp have also shown interest in acquiring a controlling stake in Ayana.
ONGC, NTPC Green mull joint bid for NIIF-owned Ayana Renewable Power
ONGC is reportedly in discussions with NTPC Green Energy to jointly bid for Ayana Renewable Power, owned by NIIF. Several potential buyers have submitted non-binding offers for Ayana. ONGC previously announced ONGC Green for renewable projects, while NTPC Green plans an IPO. Ayana focuses on solar and wind energy projects.
RBI's investment in IIFC UK subsidiary fell by a fifth in FY23-24
The central bank is mandated to invest small portion of its foreign exchange reserves- $ 5 billion in the company following demands from the government in the past to fund infrastructure.
HNI investors in offshore ‘blank cheque’ companies receive income tax notices
Many resident Indians who bought SPAC shares haven’t disclosed such investments in ITRs. SPACs are established solely to raise capital through a pre-listing offering, aiming to acquire a stake in an existing, primarily unlisted, operating company. Subsequently, the target company can merge with the publicly traded SPAC, thereby becoming a listed entity on major stock exchange
Asian junk bond sales are hottest in five years on India boom
Regional sales of such corporate notes, outside of Japan, touched $5.9 billion so far this year, already surpassing $4.4 billion in all of 2023, according to Bloomberg-compiled data. Indian borrowers have topped the share of sales so far this year, with nearly 44% share.
Look a GIFT IFSC horse in the mouth
Tax benefits can be denied on issue of beneficial ownership for ODIs issued abroad. Treaty abuse conditions don't apply to ODIs issued in IFSC.
India's Tata Capital plans to raise $750 million in debut foreign funding next fiscal year
Tata Capital plans to raise $750 million through overseas bonds or loans to diversify its liability base. The company's loan book stands at around $18.1 billion and aims to grow at over 25%. Funding costs for NBFCs have risen, and the corporate bond yield curve remains inverted.
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