Premji Invest Secures In-Principle Approval for Family Fund at GIFT City

Premji Invest, the investment arm of Azim Premji, has achieved a significant milestone by obtaining in-principle approval for establishing a family investment fund at Gujarat International Finance Tec-City (GIFT City).

This move aligns with the growing trend of affluent Indians exploring overseas investment opportunities following the Reserve Bank of India’s relaxation of rules in August 2022.

GIFT City’s Emergence as a Global Financial Hub: GIFT City, positioned as a free-market pilot, is poised to transform India’s financial landscape with streamlined regulations and procedures. The International Financial Services Centres Authority (IFSCA) provides a comprehensive framework for establishing family investment funds, attracting both the Indian diaspora and foreign investors seeking diverse financial activities.

RBI’s Policy Shift Spurs Interest in Overseas Investments: The Reserve Bank of India’s relaxation of rules in August 2022, allowing non-financial entities to invest up to 400% of their net worth through overseas offices, has spurred increased interest in overseas investments among wealthy Indians. The move has prompted exploration of opportunities abroad, marking a significant shift in investment strategies.

GIFT City’s Strategic Importance and Development Vision: GIFT City’s development is in line with Prime Minister Narendra Modi’s vision, recognizing the importance of new capital forms and digital technology in the city’s growth. With its unique structure, including the GIFT SEZ and GIFT IFSC, the city aims to position itself as a global financial hub, attracting not only Indian residents but also foreign investors seeking a dynamic financial ecosystem.