GIFT City draws Gautam Adani firm, Bharti Airtel, Genpact treasuries
Business
Some of Gautam Adani's eponymous firm, Bharti Airtel, and Genpact are opening treasury centers in Gujarat's GIFT City.
Backed by the government, this financial hub is aiming to compete with places like Singapore and Dubai by offering perks like a 20-year tax holiday and simpler regulations.
ArcelorMittal wins 2 treasury licenses
ArcelorMittal has secured licenses for two new treasury centers here, and more firms are lining up to join.
The big draw? Cheaper funding, lower taxes on sending profits abroad, and the option to hold dollar assets (which is handy with the rupee losing value).
Recent rule changes also let banks pay interest on current accounts; one foreign bank has started doing so so far, so it's no surprise that global companies are taking notice.