Can NBFC who are FII to India can be paid fees without TDS?

Non banking Financial instituion which is a non-residen is a foreign institutional investor in india can it does not want TDS to be deducted on the payment made to it

what are the options or sollution available so that TDS is not deducted and at the same time the indian company does not loose?

Can tax free debentures or bonds  be issued to solve this problem?