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SMFG said to face $670Mtax on Fullerton India deal

SUMITOMO Mitsui Financial Group (SMFG) Inc. is facing a 55 billion rupee ($670 million) tax bill from India on its roughly $2 billion acquisition of Fullerton India Credit Co., far outweighing what the Japanese lender has set aside, according to people familiar with the matter. The South Asian government’s tax… ....

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Fullerton India Credit Company Gets More Capital from Temasek


Fullerton India Credit Company Gets More Capital from Temasek
Posted on 05/20/2021
Fullerton Financial Holdings (FFH), owned by Temasek Holdings, committed capital of Rs 750 crore of equity into its unit Fullerton India Credit Company Limited, a non-banking financial company. In June 2020, Fullerton Financial Holdings committed capital of Rs 750 crore of equity into its unit Fullerton India Credit Company.
Since fiscal year 2007, Fullerton Financial Holdings infused around Rs 3,050 crore in equity in Fullerton India Credit Company.
In February 2021, Fullerton India Credit Company hired Shantanu Mitra as the new CEO and Managing Director. Before this role, Shantanu Mitra was Senior Regional Risk Officer, India, Middle East and Africa at Standard Chartered. Shantanu Mitra worked at Fullerton Financial from 2010 to 2017. ....

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Temasek injects S$21 million into Nium | Asia Asset Management


DealStreetAsia.
The online technology news website says roughly S$20 million came from Temasek unit Ossa Investments, and the balance from another unit, Fullerton Financial, citing Nium’s filings with Singapore’s Accounting and Corporate Regulatory Authority.
“As part of the transaction, Fullerton transferred its entire stake in Nium to Ossa Investments and is no longer a shareholder of the startup,” according to the April 20 report. Ossa Investments now owns a 27% stake in Nium, it adds.
Temasek, which had a S$230 million investment portfolio as of end-March 2020, has been actively investing in Southeast Asian startups in recent years, including Singapore-based ride hailing operator Grab, its Indonesian rival Gojek, and e-commerce company Tokopedia, also from Indonesia. ....

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