Paradise Papers: From Mauritius to Malta, GMR set up web of 28 offshore firms to drive expansion

Looking to repay loans taken by GMR Holdings (Malta), the group instructed Appleby officials to change the nature of funds while transferring it from one group entity to another.

Written by Sandeep Singh | New Delhi | Updated: November 9, 2017 5:30 am

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Appleby documents reveal that GMR Group also executed or sought execution of transactions from the Bermuda law firm that would allegedly help it avoid tax.

AS PART of its global business expansion plans in infrastructure and energy, the GMR group created a web of companies that involved setting up at least 28 entities across 10 jurisdictions, including Mauritius, the Isle of Man, Spain, Singapore and Malta. These entities were then structured as step-down subsidiaries of GMR Holdings Private Ltd (India).