Genpact's Investment Plans in Gift City Backed by Court The Karnataka High Court has supported Genpact by overturning the Enforcement Directorate's rejection of their No-Objection Certificate (NOC) application under the Foreign Exchange Management Act. This decision allows Genpact to move forward with its substantial USD 100 million investment in its subsidiary, Genpact Global (IFSC) Pvt. Ltd., located in Gujarat's GIFT City. The investment aims to establish a corporate treasury center, and the court ruled that the ED must provide clear reasoning connected to any ongoing investigations to justify rejection, which was not present in this case. |
