Business
Indian companies likely to get nod to list in seven countries
BY S VENKAT NARAYAN,
Our Special Correspondent
NEW DELHI, October 17:
India is set to notify seven countries and the Gujarat International Finance-Tec (GIFT) City where Indian companies can go public. By easing several norms to facilitate the process, the government is paving the way for a global listing by the likes of Reliance Jio, the Life Insurance Corporation (LIC) and Indian start-ups.
The Ministry of Corporate Affairs (MCA) and the Department of Economic Affairs have agreed to do away with the contentious clause of dual listing, which required a company to list in India as well as overseas. As a result, a company can directly list in one of the seven markets, including the US, the UK and Japan.
While the list will be expanded later, Hong Kong is a notable exclusion at present and comes in the midst of India’s border tension with China. Several companies have opted to list in Hong Kong, which is a financial hub in the region.
Exchanges operating in the International Financial Centre at GIFT City in Gujarat, which have tie-ups with overseas bourses, can facilitate the stock being traded abroad as well, The Times of India quoted sources as saying. For instance, if the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE) ties up with the Singapore Stock Exchange (SGX), it can help shares of an Indian company to be traded on the exchange in the GIFT City as well as Singapore.
“It will really help start-ups which may not be profitable but are looking to raise money and list at a premium,” said a market player.
Allowing global listing of Indian entities is seen as a major change in government stance as policy makers were earlier wary of letting companies tap global capital markets directly.
As a first step the Narendra Modi administration has amended the Companies Act, which will be followed by umbrella guidelines by the Finance Ministry, and rules for unlisted companies by MCA and those for listed entities by the Securities and Exchange Board of India (SEBI).
The revenue department is separately going to address the tax issues as the government is seeking to ensure the first listing by an Indian entity in the early part of next year.
To facilitate global listing, the government will prescribe norms in a way that the company has to be either profitable, or report operating profits during the preceding three years or should have paid-up capital, funds in the security premium account and tangible and intangible assets above a specified value.
Besides, the proposal piloted by MCA is also expected to ensure that there is no insistence on premium listing on foreign exchanges and a standard listing will do.
Sources said the ministry has already held discussions with investment bankers, Indian companies as well as bodies such as US-India Business Council. Buoyed by the amendment, foreign exchanges are courting Indian companies as well as the government to list some of the companies abroad in what will be seen as a powerful message that India is open to doing business with the world.
In recent years, several Chinese companies have listed abroad.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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