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18 September 2015 | E-Paper

GIFT

IFSC PROJECT

NARENDRA MODI

IFSC project as per schedule: GIFT

The Gujarat government decided to set up a Global Finance City between Ahmedabad
and Gandhinagar known as GIFT City in 2007
Staff Writer
First Published: Tue, Mar 12 2013. 11 27 PM IST

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An artists impression of the proposed Gujarat International Finance Tec-City.

Ahmedabad: Gujarat International Finance Tec-City Ltd (GIFT), a 50:50 joint venture
between state-owned Gujarat Urban Development Company Ltd (GUDC) and
Infrastructure Leasing and Financial Services Ltd (IL&FS), said in a media release on
Tuesday that the project to develop Indias first International Financial Services Centre
(IFSC) is proceeding as per schedule.
The Gujarat government decided to set up a Global Finance City between Ahmedabad
and Gandhinagar known as GIFT City in 2007. The project, spread over 886 acres, is

being implemented by GIFT Co.

In January, Gujarat chief minister Narendra Modi inaugurated the states tallest tower
GIFT One. The commissioning of this tower is the first major milestone towards making
GIFT the countrys first IFSC, GIFT said in the media release.
The project, estimated to cost an overall Rs
7
.8,000 crore, is expected to create 1 million
new jobs in 10 years.
The GIFT projects target is to cater to 8-10% of the financial services potential in India.
It aims to develop 90 million square feet of commercial, residential and social facilities.
The construction of the 29-floor tower with built-up area of 7 lakh square feet started in
June 2011 and was completed in one and half years. Companies who have booked their
space in the first tower are expected to begin operations from April 2013 onwards,
according to the media statement. The second tower, expected to be ready in May, will
see office operations beginning from July 2013. A total investment of around Rs1,000
crore has been made in setting up these two towers.
There is a clear interest in moving into GIFT City from various financial institutions
because of its infrastructure and cost advantage. Six banks have already shown their
interest in setting up base at GIFT, the release stated.
Financial Technologies Knowledge Management Company Ltd (FTKMCL) will invest
Rs50 crore for a training centre for financial services, the release said. The Institute of
Cost Accounts of India will invest Rs
5
.0 crore for a centre of excellence. The Narsee
Monjee Education Trust aims to invest Rs
2
.0 crore in a primary level school.
First Published: Tue, Mar 12 2013. 11 27 PM IST

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