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India: Double tax treaties pull private equity into India

Philip Millward, Walkers

"The driving motivation for foreign direct investment inflows into India continues to be double tax treaties associated with offshore jurisdictions"
Philip Millward, Walkers

India remains an attractive investment opportunity for private equity funds despite a weakened economic outlook for the country and inflation at a 13-year high. Caroline Williams, a private equity partner at law firm Walkers in the Cayman Islands, says India is seeing increased interest from offshore money that is to be put to work in the national infrastructure programme over the next five to seven years. India is beating China in attracting private equity funds says Walkers. Private equity investment has risen consistently from $2.03 billion in 2005 to $17.14 billion in 2007. And the deals are getting bigger. In 2007, 48 deals of more than $100 million were closed compared with 11 in 2006, according to the firm. A further estimated $500 billion is needed in the next five years to meet infrastructure development plans for India.

"The driving motivation for foreign direct investment inflows into India continues to be double tax treaties associated with offshore jurisdictions.

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