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Kotak Mahindra Bank has re-domiciled Alchemy India Long Term Fund from Mauritius to India’s GIFT City, and has issued the first-ever FPI license to Alchemy’s Fund for relocation to the new jurisdiction.
“(This) would set a precedent for several other funds to evaluate the relocation benefits and experience the ease of business & operations in GIFT City,” said Sachin Samant, President, Banking & Financial Institutions Group & Structured Finance, Kotak Bank.
Alchemy India Long Term Fund will complete 15 years of operation in June 2023. Following the re-domiciliation process. Alchemy Capital Management will look to expand its service offerings in GIFT City, it said.
“One of the important objectives of IFSC initiative is to bring back India centric business from offshore to onshore in GIFT IFSC. We are seeing great traction in various offshore business moving in IFSC in India,” Dipesh Shah, ED (Development), IFSCA said.
Alchemy Group is a Portfolio Management Services (PMS) provider, having $ 770 million Group assets as of March 31.
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