Tata Capital to offer private investment banking in Singapore
Tata Capital will set up a private investment banking business in Singapore with a view to starting operations within two years. It plans to focus on private equity and fund management capabilities as well as wealth management and securities broking.
Praveen P. Kadle, the company's managing director and CEO, told The Economic Times that the licensing process would commence soon. His remarks came after signing a memorandum of understanding with Singapore's Economic Development Board (EDB) to help Indian companies internationalize their businesses through Singapore.
Tata Capital, which last year entered the PE space as an investor, launching the $1 billion Tata Opportunities Fund, has maintained a presence in Singapore since 2008.
EDB Director Lee Eng Keat noted that more than 5,000 Indian companies operate out of Singapore, together forming the largest business community in the city state.
Singapore has become increasingly important for India-focused private equity investors. While Mauritius is still a popular base, there are concerns about the sustainability of the Mauritius-India double taxation agreement and implications of anti-avoidance provisions likely to be included in India's new direct tax code.
Many industry participants argue that it is easier to meet the substance requirements to leverage DTA benefits by structuring a fund through Singapore.
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