Mumbai, May 20 (IANS): Kotak Mahindra Bank Limited (KMBL Bank) on a Thursday announced that it has issued the first-ever FPI (foreign portfolio investment) license to the GIFT IFSC AIF (alternate investment fund) of True Beacon Global.

This is the first FPI license issued to an AIF incorporated in GIFT IFSC by any custodian bank/Designated Depository Participant (DDP) in the country.

Kotak Mahindra Bank's President, Banking & Financial Institutions Group, Sachin Samant said: "Foreign portfolio investments are now a reality through GIFT IFSC. we look forward to on-boarding new investors and providing them with a wide range of services catered towards their investments."

GIFT City MD & Group CEO, Tapan Ray, said: "The first FPI license of True Beacon as an AIF by Kotak Custody marks a new beginning in the journey of the Fund business in GIFT IFSC. AIF is an important business vertical at GIFT IFSC and offers huge benefits and a competitive edge for setting up Fund in IFSC at GIFT City. We are witnessing huge interest from a large number of India centric AIFs to set-up their base in GIFT IFSC."

True Beacon co-founder and CEO Richard Pattle said: "Undoubtedly, India is one of the most compelling investment destinations for ultra-high net worth individuals and institutional investors globally. We look forward to playing our part in attracting foreign capital to the country."