Bombay Chamber Hosts Conclave on Future of Fund Management: AIFs in GIFT City

The Bombay Chamber of Commerce and Industry hosted its PEVC Conclave on the theme “Future of Fund Management: AIFs in GIFT City.” The event brought together fund managers, policymakers, regulators, and industry experts to explore the growing significance of GIFT City and its role in shaping India’s financial services landscape.

The conclave opened with a welcome address by Sandeep Khosla, Director General of the Bombay Chamber, who outlined the Chamber’s wide-ranging initiatives and reaffirmed its longstanding role as a bridge between industry and government. He emphasised the importance of fostering collaborative dialogue to support India’s evolving financial ecosystem.

Setting the theme of the Conclave, Ashith Kampani, Chair of the PE&VC Committee at the Bombay Chamber and Chairman of CosmicMandala15 Securities highlighted the Chamber’s focus on collaborative development toward a Viksit Bharat, grounded in digitalisation, ESG integration, ease of doing business, and inclusive growth—principles reflected throughout the day’s discussions. Kampani underscored how these pillars are directly relevant to the evolving financial landscape in GIFT City, India’s first operational smart city and International Financial Services Centre (IFSC). He highlighted the momentum GIFT City has gained, with over 80 fund managers operating within its ecosystem and more than $20 billion in fund commitments, as evidence of its growing prominence. He also noted that the progressive regulatory framework, especially following the introduction of the Fund Management Regulations in 2022, offers unparalleled flexibility in fund structuring, cross-border investments, and tax incentives—making GIFT City a highly attractive jurisdiction for global capital and investment innovation.

Swati Khemani, Founder and CEO of Carnelian Asset Management & Advisors, delivered the keynote address. She emphasised that GIFT City represents a transformational shift in India’s financial sector, offering regulatory transparency, tax incentives, and infrastructure that rival global standards. With over $36 billion in assets under management and 124 registered fund units as of March 2024, GIFT City is becoming a preferred destination for asset and wealth managers worldwide.

Khemani also connected GIFT City’s evolution with the government’s broader vision under Amrit Kaal, projecting India’s share in global trade to rise from 12 percent to 16 percent and targeting per capita income of $18,000. She noted the city’s multi-currency capabilities, favorable tax treatment, and appeal for non-resident investors as key differentiators, positioning GIFT as a global center for financial innovation.

The first panel discussion, titled GIFT AIFs: Unlocking Inbound and Outbound Investment Potentials, was moderated by Tejas Desai, Co-Chair of the PE&VC Committee at the Bombay Chamber and Partner at Ernst & Young. The panellists included Pavan Shah, General Manager, International Financial Services Centres Authority (IFSCA); Mitul Mehta, Chief Financial Officer, Blume Ventures; Lakshmi Iyer, CEO – Investment & Strategy, Kotak Alternate Asset Managers; Clarence Anthony, Managing Partner, Clarence & Partners; and Niutpol Handique, Assistant Vice President – International Business Development, Mirae Asset Management Company.

The session addressed the game-changing nature of 100 percent NRI-focused funds, the challenges faced by domestic SEBI AIFs in making offshore investments, and how the FEMA non-resident status of GIFT AIFs offers a compelling solution. The discussion also covered recent amendments to the Fund Management Entity Regulations and the tax advantages of launching asset-specific funds through GIFT City, especially for investing in Indian mutual funds.

The second panel, Dual Listing in GIFT City, moderated by Jyoti Vineet Tandon, Compliance Consultant and Co-Founder of FinCrimeExpert, featured Pradeep Ramakrishnan, Executive Director, International Financial Services Centres Authority (IFSCA); Vijay Krishnamurthy, Managing Director and CEO, India INX; Siddharth Shah, Partner, Khaitan & Co.; and Veenit Surana, Partner, Ernst & Young. The panellists provided insights into IFSCA’s regulatory vision, the readiness of market infrastructure institutions, and the broader ecosystem required to make dual listings a viable and attractive route for Indian and global market participants.

The event concluded with a vote of thanks from Sandeep Khosla who underscored the value of the discussions and the Chamber’s ongoing efforts to support industry-policy collaboration.

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For More Details Contact: Priya Singh at priya.singh@bombaychamber.com OR 022 61200238

Egypt’s Economic Brief Updates April 2025

Pune to Host India’s First-Ever International Agritech Hackathon

Pune, April 21, 2025 – In a landmark initiative to revolutionize the agriculture sector through innovation and technology, Pune will host the country’s first-ever International Agritech Hackathon. The event was officially launched on 21st April 2025 by Hon’ble Guardian Minister (Pune) and Deputy Chief Minister of Maharashtra State, Shri Ajit Dada Pawar, at Ganesh Kala Krida Manch, Pune.

The International Agritech Hackathon is a collaborative effort between the District Administration, Pune, and the Bombay Chamber of Commerce & Industry. During the launch, a MoU was signed by Mr. Jitendra Dudi, District Collector, Pune and Chief Organizer of the Hackathon, Mr. Rajan Raje, Chairperson, Agriculture & Food Processing Committee – Bombay Chamber and CEO, Nichem Solutions and Mr. Chetan Dedhia, Expert Committee Member, Agriculture & Food Processing Committee – Bombay Chamber and Managing Partner, J.J.Overseas.

Through this MoU, the Bombay Chamber has extended full support to the district administration to ensure the successful execution of the Hackathon.

The International Agritech Hackathon aims to bring together students, startups, developers, researchers, and innovators from diverse backgrounds, all driven by a shared goal — to transform the future of agriculture through cutting-edge technology.

Registrations are now open, and interested participants can register via the official website: https://www.puneagrihackathon.com/

Development of 2×50 MW Wind Farm Facilities at Mullikulum on Build, Own & Operate (BOO) Basis

Tender No. – TR/REP&PM/ICB/2025/001/C

Request for Proposals from Ministry of Energy

I wish to inform you that, the Ceylon Electricity Board, on behalf of Cabinet Appointed Negotiating Committee of the project has invited sealed bids from interested project proponents for Development of 2×50 MW Wind Farm Facilities at Mullikulum on Build, Own & Operate (BOO) Basis.

Closing date for the submission of above RFP is on 12th June 2025 at 1000 hrs (Sri Lanka local time GMT+5:30).

Please find attached herewith a copy of the procurement notice of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership requesting any investor member to contact this Mission for any further information.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

Invitations for Bids (IFB) –Ceylon Petroleum Storage Terminals Limited

Bid No. – KPR/20/2025 – Procurement of 3” Diameter RTW Hoses and Dry Disconnected Couplings with Accessories

I wish to inform you that, the Chairman, Department Procurement Committee (Major), on behalf of the Ceylon Petroleum Storage Terminals Limited has invited sealed bids from the internationally reputed manufacturers or their accredited export agents abroad or accredited local agents in Sri Lanka, for the Procurement of 3” Diameter RTW Hoses and Dry Disconnected Couplings with Accessories.

Bids must be accompanied by a bid security of LKR 4,000,000.00 or USD 13,750.00 which shall be valid up to 23.10.2025, from the date of bid opening.

Clarifications (if any) shall be sought from the Manager Procurement on Tel: +94-11- 2572156/ +94-11-2547238, Fax: +94-11-2074299, Email: procure@cpstl.lk.

Closing date for the submission of above IFB is on 29th May 2025 at 1400 hrs (IST).

Please find attached herewith a copy of the procurement notice of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

Procurement Notice – National Insurance Trust Fund

Ref No. NITF/ADM/PRO/MAJOR/2025/01 – Procurement of Actuary Service for Liability Valuation & Other Services for the period: 01.04.2025 to 31.12.2026

I wish to inform you that, the Chairman, Departmental Procurement Committee of the National Insurance Trust Fund has invited sealed bids for the Procurement of Actuary Service for Liability Valuation & Other Services for the period: 01.04.2025 to 31.12.2026.

Closing date for the submission of the above procurement is on or before 22nd May 2025 at 14:00 hrs (Sri Lanka local time GMT+5:30).

Please find attached herewith a copy of the procurement notice of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk