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Signing of cooperation agreement between Luxembourg Stock Exchange & India INX and the Dual listing of EUR 300 million green bonds by PFC Ltd.

Published Friday June 03 2022

 

On 1 June, the Luxembourg Ambassador to India, H.E. Mrs. Peggy Frantzen, attended the signing ceremony of the cooperation agreement between  Luxembourg Stock Exchange (LuxSE)  &  India International Exchange (India INX)  at GIFT City in Gandhinagar. The ceremony took place in the presence of Chairman, International Financial Services Centres Authority (IFSCA), Mr. Injeti Srinivas and the officials of Luxembourg Stock Exchange including Mr. Arnaud Delestienne, Director of International Capital Markets & Member of the Executive Committee; Mr. Carlo Houblie, the Commercial Director & Mr. Nishith Nirav, the Business Development Officer; the MD & CEO of India International Exchange, Mr. V Balasubramaniam as well as the Deputy Chief of Mission at the Embassy of India in Brussels, Mr. Debasish Prusty, who joined virtually.

During the ceremony, Luxembourg Ambassador to India, Mrs. Frantzen, also rang the bell for the first ever dual listing by Power Finance Corporation (PFC) Limited of EUR 300 million Green Bonds at India International Exchange & Luxembourg Stock Exchange at GIFT City in Gandhinagar, Gujarat in the presence of Chairman and Managing Director (CMD) of Power Finance Corporation Ltd, Mr. Ravinder Singh Dhillon accompanied by Director–Finance at PFC, Mrs. Parminder Chopra as well as Mr. Arnaud Delestienne, the Director of International Capital Markets & Member of the Executive Committee at the Luxembourg Stock Exchange & Mr. V Balasubramaniam, the MD and CEO of India International Exchange.

The Ambassador, Mrs. Frantzen, in her address during the ceremony, highlighted the growing Luxembourg-India cooperation in the financial sector and added that the signing of cooperation agreement between the stock exchanges would provide further impetus to it. The Ambassador noted that there was a large scope for increasing the cooperation in this area.

Mr. Arnaud Delestienne gave an overview of the Luxembourg Stock Exchange which lists more than 230 sustainable securities and is a significant contributor to international capital markets. He added that the cooperation with India INX would also help in forging close ties between the Luxembourg and Indian companies.

Mr. Balasubramaniam in his address at the ceremony mentioned that India INX since its inception in 2017,  has grown exponentially over the years and lists today over USD 45 billion of listed bonds and over USD 69 billion of Medium Term Note (MTN) being established. He  expected more issuers from India going for double listings at India INX and Luxembourg Stock Exchange in the coming times.

The Chairperson of IFSCA, Mr. Injeti Srinivas said the cooperation agreement between Luxembourg Stock Exchange & India International Exchange will open a window of opportunity for the Indian investors going forward as the estimates suggest that India requires USD 10 trillion to meet its Sustainable Development Goals (SDG) and ‘’Paris agreement’’ commitments.

Mr. Debasish Prusty, in his address stressed on the need for the financial centres of the two countries to engage more and noted that the cooperation between Luxembourg Stock Exchange and India International Exchange will support mobilization of green investments to India.

Mr. Ravinder Singh Dhillon, the Chairman and Managing Director of Power Finance Corporation (PFC) Limited, in his address, said that the lisiting of EUR 300 million maiden green bond will help PFC’s visibility towards the European investors and, going forward, the company would actively focus on increasing its presence in the international market.  

This agreement further strengthens the cooperation between the financial centres of Luxembourg & India in the area of Sustainable Finance.

Read the Press Release : https://www.bourse.lu/pr-luxse-and-inx-strengthen-cooperation

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