SUMITOMO Mitsui Financial Group Inc. is facing a 55 billion rupee tax bill from India on its roughly $2 billion acquisition of Fullerton India Credit Co., far outweighing what the Japanese lender has set aside, according to people familiar with the matter.
Sumitomo Mitsui had held back only $170 million for the deal which completed last year, taking its additional tax liability to $500 million, they said. The demand was made in late November, one of the people said. The sudden request leaves Sumitomo Mitsui facing much higher costs than initially anticipated. Japan’s second-largest lender is working with India’s government and Fullerton to find a solution, the people said. Fullerton Financial is a unit of Singapore’s state-owned investor Temasek Holdings Pte and owns the remaining 25 percent of Fullerton India, according to its website.
Source: News Formal (newsformal.com)
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