Indian cos going for ADRs due to absence of IFC
Indian companies are going for global depository receipts and American depository receipts to raise money due to the absence of international financial centre in the country.
By PTI |
MUMBAI: Indian companies are going for global depository receipts and American depository receipts to raise money due to the absence of international financial centre in the country, a top official said on Wednesday.
Speaking at a CII organised event here, Sujoy Bose, senior manager with IFC, South Asia, an arm of World Bank said Indian companies are required to go to foreign shores. It is in international financial centres where companies can buy international financial services, he said.
He was speaking on the theme of setting up of international financial centre in Mumbai. If there was to be an IFC in Mumbai, money from foreign investors could be raised in Mumbai itself, he indicated.
Aisha de Sequeira, managing director and head of investment banking, Morgan Stanley, said Dubai, Singapore and Hong Kong are also planning to become international financial centres.
Typically, an IFC should offer a full suit of products. While India is well versed in equity offering, effort is needed to offer other products like derivatives. Besides, she said greater retail participation is required in the debt market.
She said India is well positioned geographically and sits in different time zones. "We can take advantage of it. There is lot going for us. The need is to put up right infrastructure in place," she said.
Sunil Sanghai, managing director, Goldman Sachs said "we should develop IFC based on economic development of our own country. We should harness all resources of our economy".
Speaking at a CII organised event here, Sujoy Bose, senior manager with IFC, South Asia, an arm of World Bank said Indian companies are required to go to foreign shores. It is in international financial centres where companies can buy international financial services, he said.
He was speaking on the theme of setting up of international financial centre in Mumbai. If there was to be an IFC in Mumbai, money from foreign investors could be raised in Mumbai itself, he indicated.
Aisha de Sequeira, managing director and head of investment banking, Morgan Stanley, said Dubai, Singapore and Hong Kong are also planning to become international financial centres.
Typically, an IFC should offer a full suit of products. While India is well versed in equity offering, effort is needed to offer other products like derivatives. Besides, she said greater retail participation is required in the debt market.
She said India is well positioned geographically and sits in different time zones. "We can take advantage of it. There is lot going for us. The need is to put up right infrastructure in place," she said.
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Sunil Sanghai, managing director, Goldman Sachs said "we should develop IFC based on economic development of our own country. We should harness all resources of our economy".
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