SME Times is powered by   
Search News
Just in:   • Equity indices break two-day losing streak on value buying  • IMF urges Sri Lanka to tighten monetary policy  • Global semiconductor sales to reach $676 bn this year: Gartner  • Tinna Rubber hits upper circuit, investors accumulate 900% returns in year  • Availability of jobs in Japan improves for 1st time in 3 yrs 
Last updated: 24 May, 2016  

Red Ribbon Advisory Services Receives FATCA Approval

NewsVoir | 23 May, 2016
Red Ribbon Advisory Services (RRAS), part of UK-based Red Ribbon Asset Management Plc. has received the Foreign Account Tax Compliance Act (FATCA) approval, enabling American investors to invest in RRAS’ incubated projects in India.

FATCA is a United States legislation that primarily aims to prevent tax evasion by US taxpayers by using non-US financial institutions and offshore investment instruments.


Currently Red Ribbon has incubated 2 projects namely Modulex; country’s first full fit-out steel modular buildings and Eco Hotels; world’s first carbon neutral hotel brand. Red Ribbon plans to raise Rs. 60 crores collectively, for these two projects.


This move has the potential to provide a huge fillip to PM Modi’s ‘Make in India’ initiative. In February, 2016 RRAS announced creation of 1000 jobs through the commencement of their Modulex factory as part of PM Modi’s ‘Make in India’ initiative. The factory that started production in March, 2016 has been built at a cost of Rs. 100 crores.
The 2nd project Eco Hotels, aims to become the single largest organized budget hotel brand in India. With a plan to create 10,000 rooms by 2023, Eco Hotels will help address a significant market need for hotel rooms in India.

Commenting on this development, Mr. Suchit Punnose, Founder & CEO at Red Ribbon Asset Management Plc, said, “This approval will allow the American investors to not only invest in RRAS’ projects but also contribute towards the ‘Make in India’ initiative. American investors are well informed about Modular technology and have seen it in operation in their home countries. I am sure this move will trigger a lot of inquiries from the American as well as Indian investors, thereby giving an extra push to our efforts. “


About Red Ribbon Advisory Services

Red Ribbon Advisory Services (RRAS) incubates scalable start-ups (in India) by investing their own capital in specifically chosen projects that meet their stringent selection criteria for entry & rollout in India. Their portfolio comprises greenfield real estate and renewable energy projects with a distinct impact on job creation through responsible business practices and sustainable development. All their investments deliver social and environmental impact and achieve stronger financial returns. They have proven sector experience from UK, to deliver projects on schedule. For more information:

Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 27 Apr, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter