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To be set up in 500-acre area

Virendra Pandit

Ahmedabad, June 29

Ahmedabad, June 28 The Gujarat Chief Minister, Mr Narendra Modi, today announced setting up of a world-class financial infrastructure, the Gujarat International Finance Tec-City (GIFT), to be developed in a 500-acre area near the capital, Gandhinagar, at a cost of Rs 3,000 crore with the objective of making the State a global financial hub.

GIFT will be developed in phases by a joint venture company floated for the purpose, Gujarat Finance City Development Company Ltd, promoted by the State-owned Gujarat Urban Development Company Ltd and Infrastructure Leasing & Financial Services Ltd (IL&FS).

It will be a 50:50 joint venture company aiming to develop globally-benchmarked financial services, Mr Hari Sankaran, Managing Director of IL&FS, said. Altogether six memoranda of understanding (MoUs) were also signed on the occasion by different companies in the presence of Mr Modi.

The Kotak Mahindra Group signed an MoU with the joint venture company to develop nearly 300 acres of the area for its financial services.

GIFT would house an International Financial City, a Domestic Financial City, an e-Technology Park and an Integrated Township with ancillary support activities. The first phase of the project is planned to be completed by 2010.

The hi-tech, self-sustaining financial city will be set up in a 500-acre area having 66 per cent greenery near the Sabarmati river.

The total built-up area in the city would be 7.50 crore square feet, with 60 per cent building used by offices, 25 per cent residential, 11 per cent commercial and 4 per cent services.

It will also have a fully-integrated data centre, data landing gateway and environment-friendly energy conservation measures including use of solar and wind energy, cooling systems and mass transport services.

The International Financial Services would have offshore banking units and global financial firms whereas the domestic part will have capital and commodity market players and investors’ organisations.

The Technology Park would offer information technology-enabled services, business process outsourcing, security solutions and educational services.

More Stories on : Infrastructure | Policy | Gujarat

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