The recent liberalization of India’s ECB framework has materially expanded the toolkit for growth credit, acquisition finance, and structured debt, while also reshaping the choice between ECBs and FPI-NCDs. Against that backdrop, we are pleased to invite you to a webinar examining the opportunities under the new regime, and the potential structures available to investors and borrowers.

Key Considerations

• ECB vs. FPI-NCD: With ECB route substantially deregulated is there any merit lending under the FPI – NCDs route? Where does the INR-denominated ECB fit?
• Tax-optimising the structure: Tax optimisation of instruments. Is redemption premium capital gains and hence exempted under India Singapore DTAA? What tax benefits does a GIFT City structure offer? How should the credit vehicle be structured Cat III or Cat II?
• Refinancing: Do the new ECB guidelines allow multi-step structures, such as retiring ECBs in SPV-to-InvIT roll-ups? Is it now possible to retire outstanding shareholder ECBs in M&A deals before the minimum maturity expires?
• Real Assets: End use for real estate – what’s permitted and what’s not? Are REITs/ InvITs eligible?
• Interest Capping & Equity-Linked Returns: What does prevailing market conditions mean? How about structuring formula / equity linked debt instruments?
• ⁠Acquisition finance liberalised but what counts as ‘strategic’ – analysing both domestic and offshore acquisition financing structures. Where do minority acquisitions stand?