Archive for the ‘BVI company investments’ Category

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Indian companies invest into Mauritius, BVI and other offshore centres

Monday, July 25th, 2011

According to the release of Reserve Bank of India on overseas direct investment, almost one-third of money invested abroad by Indian companies as outbound investment have been in tax havens. More than 80 Indian companies invested in countries like British Virgin Islands, Mauritius and Cyprus.

In June 2011, investments by Indian companies in overseas markets made over US$5 billion, of them US$3.9 are in the form of guaranteed issues. More than US$600 million are in equities, and US$900 million is in the form of debt. Most of investments are in wholly-owned subsidiaries and joint ventures.

To name the leaders, the major investor in the overseas companies was Mundra Port with US$2.2-billion investment as credit guarantee in Australia; the second one was Biocon with US$350-million investment in its Malaysian subsidiary, followed by Sun Pharma with US$300-million investment in the British Virgin Islands.

Actually, 60% of equity investments by Indian companies come to Mauritius. The British Virgin Islands and other offshore tax havens are used by companies to save on tax in the United States.

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BVI-based ASM opened new Indian branch

Friday, May 27th, 2011

Aviation Services Management (ASM), the company incorporated in the British Virgin Islands and based in Dubai, announced that it had opened a new branch in India, Mumbai. The BVI company has the purpose to accommodate an increasing number of high-net-worth individuals.

This is the second ASM’s branch in India, the first one was opened in Goa in 2006. In December 2010, Aviation Services management and Abu Dhabi-based international luxury flight services company Royal Jet formed a joint venture to target the Indian market. Currently, the BVI company provides charter sales and marketing in India for Royal Jet, and Royal Jet operates six Boeing Business Jets as well as Gulfstream G300 and GIV, Embraer Lineage 1000 and Learjet 60 aircraft.

ASM is also looking into many other areas to improve its service to the clients, such as logistics and operations support. Company’s expansion in India anticipates further growth in the business aviation sector. According to ASM, country’s corporate jet fleet currently stands at 450 (136 of them being registered in India), and is projected to rise to 1,200 aircraft by 2020.

The BVI company, founded in 1998, specializes in flight support services, operations consultancy, charter brokerage, aircraft management, flight planning and government and regulatory compliance. Almost half of its business is reselling fuel.

ASM reported US$165 million in turnover last year, this is a 20-percent increase in its business over 2009. The BVI company now employs 40 people in Dubai and the nearby emirate of Sharjah, as well as in the UK, Goa and Mumbai.

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Talon Metals Corp. extends its positions in exploration project in Brazil

Thursday, November 26th, 2009

Talon Metals Corporation has provided an update on the Sergipe Potash Project in Brazil, which was purchased by the BVI company in May 2009 through the acquisition of the full interest in its Brazilian subsidiary Bancor Mineracao Ltd. Since July 2009, when Talon Metals provided the project update, it has extended its landholding position and identified a large drilling and geophysical data base for it. Upon the extension, the area of the Sergipe Potash Project now comprises ten onshore and two offshore prospects, in which the BVI company holds exploration licenses for 57,501 hectares.

This is a 172% increase over company’s original land position reported in July 2009, which also includes 14 exploration licenses which have been granted last week. Also, Talon Metals has submitted applications for further exploration licences over an area of 23,066 hectares and is conducting negotiations on the acquisition of interest in additional areas within the Sergipe Basin.

Phase I of project’s exploration program includes an initial compilation of drilling and geophysical data in order to identify and model main targets within the Sergipe basin. After more drilling and seismic data were identified and acquired, the number of oil wells now available to Talon within the basin has increased significantly from 86 to 262. The company announced that the processing and interpretation of the extended data base has prolonged the terms of Phase I and delayed the commencement of the proposed drilling program until February 2010.

By words of Mr. Stuart Comline, President and CEO of Talon, company’s current landholding represents approximately 12% of the onshore portion of Sergipe basin, which is currently the only potash producing region in Brazil. The new licenses increase the area held by the BVI company, and the expanded data base will enhance its exploration program.

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BVI-registered investor buys Uganda airport

Thursday, August 20th, 2009

The government of Uganda has defended a proposal of an Arab company to manage and redevelop Entebbe Airport. Dodsal Infrastructure Development, based in the United Arab Emirates (UAE) and registered in the British Virgin Islands, wants to acquire a concession to run the airport, to bring it to international standards.

The government of the country planned to develop the airport but did not have money for it. There have been reports that the Government of Uganda had already sold the airport, but they were denied.

Technical committee started work on July 13 to study BVI company’s capacity, locations, its other business ventures and the proposal. It was disclosed also that the process started in September when Dodsal appointed Changi from Singapore as the consultants to study the feasibility of the deal. Later on, Dodsal, Changi and the Government signed a memorandum of understanding that opened way for the study.

In their turn, the Members of Parliament demanded that the ambassadors of the Saudi Arabia and UAE provide information about the investor. Some of them consider it is a wrong step to sell the airport, especially for a land-locked country like Uganda. The task of the government is to explain the arrangement under which the deal was initiated.

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