More entities aim to raise funds through GIFT City unit

Entities are leveraging GIFT City for fundraising due to tax benefits. Certain companies are also in discussions to set up treasury centres in GIFT City to capitalise on this opportunity. Adani Transmission and 360tf plan significant bond issuances, while Indian Oil and ONGC have set up treasury centers. ReNew Global Energy’s successful bond issuance has increased interest, highlighting GIFT City’s appeal for tax-efficient fundraising. “The transaction will enjoy zero withholding tax compared to 9% if its listed and 15% without listing. Moreover, this issuance helps to grow group operations while securing tax efficiencies,” said Tirthankar Datta, partner at JSA Advocates & Solicitors. Read more