FinMin axes IIFCL proposal to shift UK unit to save tax
Surabhi: New Delhi, Jan 23 2013, 00:49 IST
subsidiary in Singapore or Hong Kong to tap the Asian markets.
“There is potential for raising a lot of funds in the Asian Markets. We have already done a survey on opening a new arm in either of the two countries,” Goel said, adding that a decision is likely over the next one year, adding that approvals from the IIFCL Board, finance ministry and RBI are yet to be taken.
IIFCL’s UK arm was set up in London in 2008 with a $500 million authorised capital with a line of credit from the Reserve Bank of India.
The wholly owned subsidiary – IIFC (UK) Ltd borrows a part of RBI’s foreign exchange reserves and then lends it to Indian infrastructure firms for importing machinery to India.
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