HDFC AMC has got an approval to set up a wholly owned subsidiary in GIFT City. HDFC AMC has got an approval to set up a wholly owned subsidiary in GIFT City.
HDFC AMC has got an approval to set up a wholly owned subsidiary in GIFT City. It is in process of setting up the company and will be launching funds both targeting global investors who are looking at allocating capital to India and also domestic investors as well as NRIs who are exploring investments globally. The wholly owned subsidiary HDFC AMC International (IFSC) Limited is going to be the “offshore hub” for the mutual fund major who does not have any other companies/businesses outside of India (excluding a rep office in Dubai). Unlike some of the peers who have set up subsidiaries or branches in Singapore, Mauritius etc., HDFC AMC proposes to make GIFT City its offshore hub and will create varied set of products over time
To the best of our knowledge, we are the only Indian asset management company (mutual fund amc) to have set up a wholly owned subsidiary in GIFT – everyone else is opening a branch.
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