End of ECB tax breaks a GIFT for Gujarat Financial Centre

India's Gujarat International Finance Tec-City, or GIFT City, could become a leading centre for the international borrowing needs of Indian companies, as tax breaks that encouraged overseas borrowing come to an end. The centre offers tax-friendly rules, leading several Indian companies to already say they will shift their bond listing activities from overseas jurisdictions to GIFT City. Indian firms raising foreign currency loans could also choose to do so from GIFT City's branches. Since India raised $30bn in foreign funds through the ECB route last year, GIFT City stands to benefit significantly.

source https://economictimes.indiatimes.com/industry/banking/finance/end-of-ecb-tax-breaks-a-gift-for-gujarat-financial-centre/articleshow/99366146.cms