Mumbai, Feb 9 Reuters Several Indian asset managers said they are moving, or planning to move, some offshore fund business from financial centres such as Dubai and Singapore to a finance hub in the western state of Gujarat to gain better access to India39;s capital markets.

The Indian government is promoting the Gujarat International Finance TecCity, or GIFT City, as a gateway for global capital and financial services for the economy and is trying to attract companies through taxbreaks and other incentives.

In the last six months, about eight of the 10 biggest Indian asset managers by assets have either relocated their business, or set up new funds or filed for permits to move to GIFT City, according to executives at these funds.

The stable regulatory regime and proximity to the Indian markets is driving our decision, said Swarup Mohanty, chief executive of Mirae Asset Investment Managers, which has shifted a 200 million Hong Kong based fund to GIFT City and is in active consideration to move a second fund.

Mirae Asset Investment Managers is the Indian unit of South Korea39;s Mirae Asset Financial Group.

Mirae expects to manage 435 million out of GIFT City in the near term. The fund has a total of 1.46 trillion Indian rupees 17.58 billion of assets under management in India.

GIFT City offers companies that set up there a 10year tax break and does not charge taxes on transfer of funds from overseas jurisdictions. There are no capital gains taxes for investing in…