Ahmedabad, 9th August, 2024: Artha Bharat Investment Managers IFSC LLP launched operations at the Gujarat International Finance Tec-City – International Financial Services Centre (GIFT-IFSC).It recently secured a license from IFSCA as Fund Management Entity.Cyril Amarchand Mangaldas and CNK Khandwala & Associates were the advisers for setting up of the entity.
Speaking at the Inaugural event held at Gift City Club on the 9th August 2024, Sachin Sawrikar, Founder & Managing Partner said, “The Gift City entity will be a key part of our growth strategy as we believe that it offers an excellent platform to offer diverse investment products addressing global markets and in particular the fast growing Indian markets”.
“We would be moving our largest fund with AuM of over Rs 1,100 cr (USD 130 million) from Mauritius to Gift City as Artha Global Opportunity Fund. This reinforces our commitment to Gift City”, he added.
The inaugural event was held at Radisson Gift City Club on 9th August. It was attended by many dignitaries as Guests of Honour. The event was addressed by Mr. Sandip Shah, Asst VP, Gift City, Mr. Rajesh Sharma, EVP, HDFC Bank and Mr. Vivaik Sharma, Partner, Cyril Amarchand Mangaldas. They congratulated Artha Bharat for commencing the operations and highlighted the benefits of Gift City and elaborated on the new proposals in the latest budget.
Lovekesh Raj, Partner of Artha Bharat, announced the appointment of Mr. Akshesh Katkoria as the Principal Officer and Ms. Madhuri Gurwani as the Compliance Officer. He elaborated on the growth plans of the group and said that “We are focused on leveraging the benefits of our Gift City entity to launch more international funds from Gift City on investment themes such as Commodity Arbitrage, Real Estate and Fixed Income”.
The formation of the Rs. 1,100 crore Artha Global Opportunity Fund is already underway, and it is awaitingregulatory approval. HDFC Bank will be the designated depositary participant and custodian of the new Fund and Vistra India will be the Trustee and administrator. Cyril Amarchand Mangaldas are the advisers to Artha Bharat for structuring and preparing the documentation of the Fund. Nangia Andersen are the tax advisers.
