- Plans to move its Rs 1,100 cr Fund from Mauritius to Gift City
- Lovekesh Raj, Partner of Artha Bharat, announces the appointment of Akshesh Katkoria as the Principal Officer and Madhuri Gurwani as the Compliance Officer
- We are focused on leveraging the benefits of our Gift City entity to launch more international funds from Gift City on investment themes such as Commodity Arbitrage, Real Estate and Fixed Income: Lovekesh Raj
- More than 200 companies have established their presence in GIFT City, including 19 banking units, 25 insurance companies and numerous brokerages and financial service providers.
NE BUSINESS BUREAU
AHMEDABAD, AUGUST 9
In a shot in the arm for positioning GIFT IFSC as an alternative on the global stage for international banking, investment and finance, Artha Bharat Investment Managers IFSC LLP on Friday launched its operations at the Gujarat International Finance Tec-City – International Financial Services Centre (GIFT-IFSC), India’s only international financial hub. It recently secured a license from IFSCA, a regulatory body that oversees and regulates financial activities within GIFT City, as Fund Management Entity. Cyril Amarchand Mangaldas and CNK Khandwala & Associates were the advisers for setting up of the entity.
Speaking at the Inaugural event, Sachin Sawrikar, Founder & Managing Partner said, “The Gift City entity will be a key part of our growth strategy as we believe that it offers an excellent platform to offer diverse investment products addressing global markets and in particular the fast growing Indian markets”.
“We would be moving our largest fund with AuM of over Rs 1,100 cr (USD 130 million) from Mauritius to Gift City as Artha Global Opportunity Fund. This reinforces our commitment to Gift City,” he added.
The inaugural event was held at Radisson Gift City Club on Friday. It was attended by many dignitaries as Guests of Honour. The event was addressed by Sandip Shah, Assistant VP, Gift City, Rajesh Sharma, EVP, HDFC Bank and Vivaik Sharma, Partner, Cyril Amarchand Mangaldas. They congratulated Artha Bharat for commencing the operations and highlighted the benefits of GIFT City and elaborated on the new proposals in the latest budget.
Lovekesh Raj, Partner of Artha Bharat, announced the appointment of Akshesh Katkoria as the Principal Officer and Madhuri Gurwani as the Compliance Officer. He elaborated on the growth plans of the group and said that “We are focused on leveraging the benefits of our Gift City entity to launch more international funds from Gift City on investment themes such as Commodity Arbitrage, Real Estate and Fixed Income”.
The formation of the Rs. 1,100 crore Artha Global Opportunity Fund is already underway, and it is awaiting regulatory approval. HDFC Bank will be the designated depositary participant and custodian of the new Fund and Vistra India will be the Trustee and administrator. Cyril Amarchand Mangaldas are the advisers to Artha Bharat for structuring and preparing the documentation of the Fund. Nangia Andersen are the tax advisers.
The significance of GIFT IFSC
Businesses like managing funds, stock markets, international banking and leasing aircraft have all expanded in GIFT IFSC. More than 200 companies have established their presence in GIFT City, including 19 banking units, 25 insurance companies and numerous brokerages and financial service providers. Key players such as the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and international banks like Standard Chartered, State Bank of India, Dual and JP Morgan have established their offices and operations within GIFT City.
Under the able guidance of visionary Prime Minister Narendra Modi, it is growing in leaps and pounds.
