IFSC at GIFT City crosses $250 m business mark

IFSC at GIFT City crosses $250 m business mark

India’s first international financial services centre (IFSC) at Gujarat International Finance Tec-City (GIFT) has crossed the $250 million business transactions mark in six months


 The first mark of $100 million was crossed in early February and in two months time, business transactions at IFSC have more than doubled, GIFT IFSC said.

 YES Bank, Federal Bank and ICICI Bank have commenced operations with their IFSC Banking Units (IBUs) and State Bank of India is expected to commence operations soon. Punjab National Bank, Corporation Bank, Kotak Mahindra Bank, IDBI Bank and IndusInd Bank are some of the other players who will begin operating at GIFT IFSC in the near future.

 “After crossing the $250 million business mark at GIFT IFSC, the next target is $500 million and then the $1 billion mark in coming months. The tax incentives given in the Union Budget have now firmly put GIFT IFSC on the global financial map. After banks, we expect a few insurance companies to start operations soon at GIFT IFSC,” GIFT City Managing Director and Group Chief Executive Officer Ajay Pandey said.

GIFT City’s Phase-1 development has seen allotments of over 14 million sq feet of built up area (BUA) in the SEZ and non-SEZ area for development of office towers, residential apartments and social facilities to be developed at an estimated total investment of around Rs 9,600 crore.

As a part of GIFT City’s Phase-2 development, a built-up area of 1.32 million sq feet will be developed by leading real estate companies of India with total proposed investments of Rs 850 crore, a statment said.

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