Alchemy India Long Term Fund relocates from Mauritius to Gift City IFSC

Alchemy India Long Term Fund, an offshore fund, has re-domiciled from Mauritius to the Gift City IFSC. Kotak Mahindra Bank acted as the custodian and issued the first-ever foreign portfolio investor (FPI) license to the fund incorporated in Gift City.

The government recently allowed India-sponsored funds and managers to relocate to Gift City. Industry players said more such funds could move to Gift City as the tax treatment is now at par with other global jurisdiction.

“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 businesses moving to IFSC in India,” said Dipesh Shah, Executive Director (Development), ISFCA, a regulatory body.