Data direct from the London Stock Exchange shows that Guernsey
is increasingly being used as a domicile of incorporation for
Indian entities listing on AIM.
LSE figures reveal that – of those Indian entities on
AIM at the end of October 2010 – the latest five to list
have all been incorporated in Guernsey, including all three added
during this year.
The three listed during 2010 are iEnergizer, Skil Ports &
Logistics Ltd and Caparo Energy Ltd who together have a market
capitalisation of more than £500 million. These are in
addition to Indian Energy Ltd that listed during 2009 and also
Indus Gas Ltd which listed in 2008 and has a market capitalisation
of more than £800 million.
The other two Guernsey incorporated entities listed on AIM with
India as a country of operation are private equity firm EIH Plc and
The Indian Film Company Ltd.
Peter Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry, said:
"This data from the London Stock Exchange is extremely
encouraging. The trends we can see indicate that Guernsey is now
viewed as the jurisdiction of choice for incorporating Indian
entities listing on AIM. In addition, we can see that these
entities operating principally in India and incorporated in
Guernsey are – in the main – sizeable companies
and also spread across a broad range of sectors including private
equity, transportation, energy and film.
"This is a very positive start in developing increased
financial services links between the two jurisdictions. Just over a
month ago we took our first official delegation from the Island to
visit government and regulatory officials and industry
practitioners in both Delhi and Mumbai. We feel it was a great
success and that there are plenty of opportunities for Guernsey
firms to provide Indian organisations and individuals with a range
of financial products and services across the investment fund,
private wealth management and possibly also the captive insurance
"I am extremely pleased to see from this London Stock
Exchange information that we have such a significant building block
already in place. It provides great confidence that through
developing and enhancing relationships we can attract further
business in the future."
Mr Niven is visiting India again next week when he leads a
Guernsey delegation attending the Asia Venture Capital Journal
forum in Mumbai.
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