📑 3 India Headlines #5
The most important headlines that international readers should pay attention to – and why they matter.
🔸 Udaan Raises $160 Million, Settles Singapore Insolvency Case: Financial Express
Indian e-commerce platform Udaan announced a proposed financing transaction of around USD 160 million, settling the default that caused its Singapore holding company to be dragged into insolvency proceedings last month, Financial Express reported on 14 July 2026.
Eveline: I wrote on 4 July 2026 that creditors in emerging markets face a common challenge of recovering any value if the defaulter is the offshore holding company while the operations or assets of the borrower are mainly onshore. The Singapore insolvency proceedings may have been a negotiating method to push Udaan to offer better terms to creditors.
Both Udaan and its creditors may have wanted to avoid a lose-lose situation where the lenders get nothing back while the negative headlines hurt the Indian company’s refinancing ability. In the end, Udaan announced a planned USD 160 million financing that combines fresh equity, new debt and debt-to-equity conversion.
BlackRock’s private credit arm has received approval from its investment committee to provide a USD 45 million lifeline to Udaan, Bloomberg reported. Following the fresh financing plan, two funds managed by Tor Investment Management withdrew their Singapore insolvency petition against Udaan’s holding company Trustroot Internet.
🔸 HSBC Offers 19x FCNR(B) Leverage in GIFT City: Economic Times
HSBC’s GIFT City (Gujarat International Finance Tec-City) unit is offering a financing structure that allows non-resident Indians to borrow up to 19 times their own funds, the highest leverage offered by any bank so far for the special deposit program, The Economic Times reported on 17 July 2026.
According to a customer illustration seen by ET, an NRI investing $100,000 can create a $2 million foreign currency non-resident bank account by borrowing $1.9 million against the deposit.
Eveline: The Reserve Bank of India has reportedly offered banks a concessional forex swap window, under which the central bank absorbs the currency hedging cost. While the indicative equity returns of 12-14% may appear attractive, potential customers should keep an eye on regulatory risk, as the product could hinge on the swap window remaining open.
🔸 Mauritius Keeps Role in Indian Offshore Fundraising: IFR
Indian issuers have started using offshore financial hub GIFT City to raise debt this year, but experts say many will still fall back on foreign jurisdictions like Mauritius, IFR reported on 10 July 2026.
“GIFT City provides an incentive, but it doesn’t mean companies will stop using special purpose vehicles in other jurisdictions to raise debt,” Shubhangi Garg, a partner at Shardul Amarchand Mangaldas & Co, told IFR.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.