Gujarat International Finance Tec-City (GIFT)
GIFT City is an integrated development on 886 acres of land with 62 mn sq. ft. of Built Up area which includes Office spaces, Residential Apartments, Schools, Hospital, Hotels, Clubs, Retail and various Recreational facilities, which makes this City a truly “Walk to Work” City. GIFT City consist of a conducive Multi-Service SEZ (Special Economic Zone) and an exclusive Domestic Area.
This City is a Vertical City which will optimize land area consumption for development. The City is located on the bank of river Sabarmati connecting the Business capital (Ahmedabad) and Political capital (Gandhinagar) of Gujarat State- The Growth Engine of India.
GIFT City is a new Financial & Technology Gateway of India for the World.
Source : https://giftgujarat.in
History of Gift City
Prime Minister Narendra Modi in 2017 at the India International Exchange inauguration ceremony in GIFT City.
On 15 December 2011, The Economic Times reported city officials in GIFT were inviting companies from Singapore that wished to expand but could not do so due to a lack of land in Singapore to open their businesses in GIFT. Investments from banks, private equity companies, insurance companies and asset management companies were considered.
On 26 December 2011, The Times of India reported China's technology giant Huawei was likely to provide technology to GIFT. According to Eric Yu, president, enterprise business of Huawei India, this technology included networks, data centres and surveillance.
On 2 October 2014, NetIndian reported a new World Trade Center would be set up in GIFT City as per an agreement between World Trade Center India Services Council (WTCS) and GIFT City Ltd. It would be completed within four years.
BSE Broker's Forum planned to invest ₹120 crore to build a commercial tower to set up back-office operations. They were allocated 28,000 square metres (300,000 sq ft) to develop the commercial tower with the likelihood of setting up an exchange office.
According to The Times of India on 18 October 2014, the Bangalore-based Brigade Group would invest ₹500 crore over the next few years to develop 100,000 square metres (1.1×106 sq ft) of built up area with a future option of investing another ₹600 crore to develop 160,000 square metres (1.7×106 sq ft).
In November 2018, The Wire reported the Government of Gujarat State would buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in the GIFT City to minimize delays to the project. In June, 2020, IL&FS concluded sale of its stake in GIFT-City for ₹32 crore equity value to the state government.
According to Business Standard, OPS Fund Services, a subsidiary of OPS Global, Singapore, received a license to open in the International Financial Service Centre at GIFT city.
On 5 December 2019, Business Standard reported that Bank of America opened a Global Business Services Center at GIFT.
On 6 January 2020, Accor opened the first international hotel in GIFT City.
On 20 January 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market.
In July 2022, JPMorgan Chase, Deutsche Bank and Mitsubishi UFJ Financial Group opened new offices at the International Financial Services Centre. Prime Minister Narendra Modi formally opened Singapore Exchange's futures trading operation "Nifty", and India's first international bullion exchange was opened
Source : https://en.wikipedia.org/wiki/GIFT_City#History