Buyout firms sitting on billions of dollars of legacy assets in India got some relief this week, when the country’s finance ministry said it won’t apply anti-tax avoidance laws to investments made before April 1, 2017.
The ministry’s tax officials clarified that general anti-avoidance rules won’t apply to any investments made before that date in a gazette notice issued on March 31. That removes a major question facing legacy private equity and venture investments in the country.
The move follows a Supreme Court ruling in January which