Mayo Clinic arm entered into JV with GMR, Apollo for Hyderabad hospital
The Indian Express, July 30, 2019 Ritu Sarin One of the large international corporations which used the Mauritius route to propose a joint venture (JV) in India and maximise tax benefits is Minnesota-based Mayo Clinic and its subsidiary, the Mayo Foundation for Medical Education and Research (MFMER). Advertising It was in 2011 that MFMER, described in the data of offshore specialist firm Conyers Dill & Pearman as a not-for-profit corporation, registered Mayo Clinic GBS Mauritius to be wholly owned by Mayo Foundation. The business plan of Mayo Mauritius states that “the main business activity of the company will be to invest in business that complement Mayo Clinic activities’’ and it should be structured in such a manner that it avoids giving Mayo’s US affiliates a taxable presence in India. The purpose of setting up Mayo Mauritius became clear when on November 30, 2011, the company (set up by Conyers affiliate Codan) entered into a shareholders agreement with ...