New Delhi: India has received its first investment through the qualified framework investor (QFI) route, putting an end to doubts that the country's attempt to get investors to buy shares directly will be a non-starter.
Kotak Mahindra Bank has concluded the deal worth $5 million for a US-based client, said a finance ministry official.
The finance ministry expects the scheme to attract investment worth about $30 billion over next 15-18 months, helping the country fund a chunk of the current account deficit pegged at 4.2% of GDP in 2011-12.
The finance ministry had held extensive road shows in five countries in the Gulf region--Riyadh, Dubai, Muscat, Kuwait and Bahrain - to project India as the incredible investment destination for wealthy investors. "There is tremendous interest in this scheme...We expect it to get investment worth 30-40 billion dollar over next 2 years," he said.
The ministry is now working on all tax related issues with regard to the scheme and will issue a detailed clarification in a fortnight, the official said.
No comments:
Post a Comment