Business Standard
15 Apr 2008
Indian corporate houses making overseas investments through big-ticket acquisitions is now quite established. But they seem to be doing so through countries that have either low tax rates or allow tax-free remittance of income.
Much of the outward foreign direct investment (FDI) by India Inc done between April and December 2007 was directed to Singapore, the Netherlands and British Virgin Islands (BVI), according to the latest Reserve Bank of India (RBI) data.
These are intermediate stops before investments land in the final destination country. Singapore, which is a business and financial hub for Asia-Pacific, had 37 per cent share in FDI approvals ($5 million and above), followed by the Netherlands with 26 per cent and 8 per cent for BVI.
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