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GIFT City

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GIFT City
Gujarat International Finance-Tec City
Night view of Gift City
Night view of Gift City
GIFT City is located in Gujarat
GIFT City
GIFT City
Location in Gujarat, India
GIFT City is located in India
GIFT City
GIFT City
GIFT City (India)
Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512
Country India
StateGujarat
DistrictGandhinagar
MetroAhmedabad-Gandhinagar Metro
Government
 • BodyGujarat International Finance Tec-City Company Limited
Area
 • Total3.99 km2 (1.54 sq mi)
 • Rank3.58[1]
Languages
 • OfficialGujarati, Hindi, English
Time zoneUTC+5:30 (IST)
Telephone code+91
Vehicle registrationGJ18
Websitegiftgujarat.in

Gujarat International Finance Tec-City (GIFT City) is central business district under-construction in Gandhinagar and Ahmedabad in Gandhinagar district in Gujarat, India. It is India's first operational greenfield smart city and international financial services center, which the Government of Gujarat promoted as a greenfield project.

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Central business district

Central business district

A central business district (CBD) is the commercial and business centre of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides with the "city centre" or "downtown". However, these concepts are not necessarily synonymous: many cities have a central business district located away from its commercial and or cultural centre and or downtown/city centre, and there may be multiple CBDs within a single urban area. The CBD will often be characterised by a high degree of accessibility as well as a large variety and concentration of specialised goods and services compared to other parts of the city. For instance, Midtown Manhattan, New York City, is the largest central business district in the city and in the world. London's city centre is usually regarded as encompassing the historic City of London and the medieval City of Westminster, while the City of London and the transformed Docklands area containing Canary Wharf are regarded as their two respective CBDs. In Chicago, the Chicago Loop is the second-largest central business district in the United States and in the world. It is also referred to as the core of the city's downtown. Mexico City also has its own historic city centre, the colonial-era "Centro Histórico," along with two CBDs: the mid-late 20th century Paseo de la Reforma – Polanco, and the new Santa Fe, respectively. Moscow and Russia's largest central business district is the Moscow International Business Center.

Gandhinagar

Gandhinagar

Gandhinagar is the capital of the state of Gujarat in India. Gandhinagar is located approximately 23 km north of Ahmedabad, on the west central point of the Industrial corridor between Delhi, the political capital of India, and Mumbai, the financial capital of India.

Ahmedabad

Ahmedabad

Ahmedabad is the most populous city in the Indian state of Gujarat. It is the administrative headquarters of the Ahmedabad district and the seat of the Gujarat High Court. Ahmedabad's population of 8,253,000 makes it the fifth-most populous city in India, and the encompassing urban agglomeration population estimated at 6,357,693 is the seventh-most populous in India. Ahmedabad is located near the banks of the Sabarmati River, 25 km (16 mi) from the capital of Gujarat, Gandhinagar, also known as its twin city.

Gandhinagar district

Gandhinagar district

Gandhinagar district is an administrative division of Gujarat, India, whose headquarters are at Gandhinagar, the state capital. It was organized in 1964.

Gujarat

Gujarat

Gujarat is a state along the western coast of India. Its coastline of about 1,600 km (990 mi) is the longest in the country, most of which lies on the Kathiawar peninsula. Gujarat is the fifth-largest Indian state by area, covering some 196,024 km2 (75,685 sq mi); and the ninth-most populous state, with a population of 60.4 million. It is bordered by Rajasthan to the northeast, Dadra and Nagar Haveli and Daman and Diu to the south, Maharashtra to the southeast, Madhya Pradesh to the east, and the Arabian Sea and the Pakistani province of Sindh to the west. Gujarat's capital city is Gandhinagar, while its largest city is Ahmedabad. The Gujaratis are indigenous to the state and their language, Gujarati, is the state's official language.

Greenfield land

Greenfield land

Greenfield land is a British English term referring to undeveloped land in an urban or rural area either used for agriculture or landscape design, or left to evolve naturally. These areas of land are usually agricultural or amenity properties being considered for urban development.

Smart city

Smart city

A smart city is a technologically modern urban area that uses different types of electronic methods and sensors to collect specific data. Information gained from that data is used to manage assets, resources and services efficiently; in return, that data is used to improve operations across the city. This includes data collected from citizens, devices, buildings and assets that is processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, water supply networks, waste, Criminal investigations, information systems, schools, libraries, hospitals, and other community services. Smart cities are defined as smart both in the ways in which their governments harness technology as well as in how they monitor, analyze, plan, and govern the city. In smart cities the sharing of data in not limited to the city itself but also includes businesses, citizens and other third parties that can benefit from various uses of that data. Sharing data from different systems and sectors creates opportunities for increased understanding and economic benefits.

Government of Gujarat

Government of Gujarat

The Government of Gujarat, also known as Gujarat Government, is the supreme governing authority of the Indian state of Gujarat and its 33 districts. It consists of an executive of the legislators appointed by the Governor of Gujarat, a judiciary and of a publicly elected legislative body.

Greenfield project

Greenfield project

In many disciplines, a greenfield project is one that lacks constraints imposed by prior work. The analogy is to that of construction on greenfield land where there is no need to work within the constraints of existing buildings or infrastructure.

Location and implementation

The city is located on the banks of the Sabarmati River and is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport.[2][3][4][5] The city is designed so residents can walk to work, and includes commercial, financial and residential complexes.

The city is connected through 4-6 lane State and National Highways. A metro station is also planned for construction, which would connect GIFT City to the Ahmedabad Metro network, and is expected to be completed by March 2024.[6][7]

The total area for the development of GIFT is 886 acres out of which the SEZ (Special Economic Zone) constitutes 261 acres. The project area under development can hence be classified under the SEZ area and the Non-SEZ area (also known as the Domestic Tariff area or the DTA).

GIFT City has dedicated Multi Services Special Economic Zone (SEZ) for international operations of various services sectors players. Also within, GIFT Multi Services SEZ, GIFT houses India's first International Financial Services Center (IFSC) approved by the Government of India.

For the purpose of implementation of the SEZ, GIFT Company Limited has set up an SPV (Special Purpose Vehicle) (100% subsidiary of GIFTCL) namely GIFT SEZ Ltd, designated as the developer organization of the SEZ. GIFTCL has also set up 5 subsidiary companies for the implementation of specialized infrastructure including Power, Water, ICT (Information & Communication Technology), District Cooling and solid waste management.

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Sabarmati River

Sabarmati River

The Sabarmati river is one of the major west-flowing rivers in India. It originates in the Aravalli Range of the Udaipur District of Rajasthan and meets the Gulf of Khambhat of Arabian Sea after travelling 371 km (231 mi) in a south-westerly direction across Rajasthan and Gujarat. 48 km (30 mi) of the river length is in Rajasthan, while 323 km (201 mi) is in Gujarat.

Sardar Vallabhbhai Patel International Airport

Sardar Vallabhbhai Patel International Airport

Sardar Vallabhbhai Patel International Airport (SVPIA) is an international airport serving the twin cities of Ahmedabad and Gandhinagar in Gujarat, India. The airport is located in Hansol, 9 km (5.6 mi) north of Ahmedabad. It is named after Sardar Vallabhbhai Patel, the 1st Deputy Prime Minister of India. The airport is the busiest and largest airport in the state of Gujarat.

Ahmedabad Metro

Ahmedabad Metro

Ahmedabad Metro is a rapid transit system for the cities of Ahmedabad and Gandhinagar in Gujarat state of India.

Special economic zone

Special economic zone

A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically encompass investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing themselves in a zone, they are granted a period of lower taxation.

History

Presenting key of GIFT City to the Prime Minister, Shri Narendra Modi, at the inauguration ceremony of the India International Exchange in GIFT City
Presenting key of GIFT City to the Prime Minister, Shri Narendra Modi, at the inauguration ceremony of the India International Exchange 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.[8]

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.[9]

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.[10]

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.[11]

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 (1.1×10^6 sq ft) of built up area with a future option of investing another ₹600 crore to develop 160,000 square metres (1.7×10^6 sq ft).[12]

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.[13] In June, 2020, IL&FS concluded sale of its stake in GIFT-City for ₹32 crore equity value to the state government.[14]

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.[15]

On 5 December 2019, Business Standard reported that Bank of America opened a Global Business Services Center at GIFT.[16]

On 6 January 2020, Accor opened the first international hotel in GIFT City.[17]

On 20 January 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market.[18]

In July 2022, JPMorgan Chase, Deutsche Bank and Mitsubishi UFJ Financial Group opened new offices at the International Financial Services Centre.[19] Prime Minister Narendra Modi formally opened Singapore Exchange's futures trading operation "Nifty",[20] and India's first international bullion exchange was opened.[21]

Construction timeline

Two 28-floor commercial towers called GIFT One and GIFT Two have been finished. Tendering for the construction of more towers is ongoing.[22] This phase will also include the building of basic infrastructure.[22]

Consultants

  • Owner - The Amazing
  • Design and Architecture - East China Architectural Design & Research Institute (ECADI) and Fairwood Consultants India
  • ICT Advisory Services - British Telecom
  • Market Demand Assessment - McKinsey & Company
  • Talent Demand Assessment - Hewitt Associates
  • Environmental Assessment - IL&FS Ecosmart Ltd
  • Process Management - IL&FS Infrastructure Development Corporation Ltd
  • Power Management - ABB Group[23]

Status

As part of Phase-I development, around 780,000 square metres (8.4×10^6 sq ft) of built-up area has already been allotted from the 1,200,000 square metres (13×10^6 sq ft) available for commercial, residential and social use.[24] On 11 September 2019, Tapan Ray, managing director and Group CEO of GIFT City, said the city had attracted around ₹11,000 crore of investment.[25]

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Singapore

Singapore

Singapore, officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude north of the equator, off the southern tip of the Malay Peninsula, bordering the Strait of Malacca to the west, the Singapore Strait to the south, the South China Sea to the east, and the Straits of Johor to the north. The country's territory is composed of one main island, 63 satellite islands and islets, and one outlying islet; the combined area of these has increased by 25% since the country's independence as a result of extensive land reclamation projects. It has the third highest population density in the world. With a multicultural population and recognising the need to respect cultural identities of the major ethnic groups within the nation, Singapore has four official languages: English, Malay, Mandarin, and Tamil. English is the lingua franca and numerous public services are available only in English. Multiracialism is enshrined in the constitution and continues to shape national policies in education, housing, and politics.

Huawei

Huawei

Huawei Technologies Co., Ltd. is a Chinese multinational technology corporation headquartered in Shenzhen, Guangdong, China. It designs, develops, produces and sells telecommunications equipment, consumer electronics and various smart devices.

Bangalore

Bangalore

Bangalore, officially Bengaluru, is the capital and largest city of the Indian state of Karnataka. It has a population of more than 8 million and a metropolitan population of around 11 million, making it the third most populous city and fifth most populous urban agglomeration in India, as well as the largest city in South India, and the 27th largest city in the world. Located on the Deccan Plateau, at a height of over 900 m (3,000 ft) above sea level, Bangalore has a pleasant climate throughout the year, with its parks and green spaces earning it the reputation as the "Garden City" of India. Its elevation is the highest among the major cities of India. An aerospace and electronics hub since the 1960s, Bangalore is widely regarded as the "Silicon Valley of India" because of its role as the nation's leading information technology (IT) exporter. In the Ease of Living Index 2020, it was ranked the most livable Indian city with a population of over a million. It also ranks among the highest Indian cities in terms of global livability rankings as well.

Brigade Group

Brigade Group

Brigade Enterprises Limited is a real estate and property development company that is based in Bengaluru, Karnataka, India. The Brigade Group also has operations in Mangalore, Mysore, Chennai, Kochi, Hyderabad, Chikmagalur, Ahmedabad and a representative office in Dubai. It has won national and international awards in the construction industry. It was founded by M.R. Jaishankar in the year 1986.

Infrastructure Leasing & Financial Services

Infrastructure Leasing & Financial Services

Infrastructure Leasing & Financial Services Limited (IL&FS) is an Indian state-funded infrastructure development and finance company. It was created by public sector banks and insurance companies.

Business Standard

Business Standard

Business Standard is an Indian English-language daily edition newspaper published by Business Standard Private Limited, also available in Hindi. Founded in 1975, the newspaper covers the Indian economy, infrastructure, international business and trade, stock and currency markets, corporate governance, and a range of other financial news, opinions and insights.

Bank of America

Bank of America

The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank was founded in San Francisco and took its present form when NationsBank of Charlotte acquired it in 1998. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.

Accor

Accor

Accor S.A. is a French multinational hospitality company that owns, manages and franchises hotels, resorts and vacation properties. It is the largest hospitality company in Europe, and the sixth largest hospitality company worldwide.

JPMorgan Chase

JPMorgan Chase

JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the world's largest bank by market capitalization, and the fifth largest bank in the world in terms of total assets, with total assets of US$3.774 trillion. Additionally, JPMorgan Chase is ranked 24th on the Fortune 500 list of the largest United States corporations by total revenue. It is considered a systemically important bank by the Financial Stability Board.

Deutsche Bank

Deutsche Bank

Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange.

Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group, Inc. is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan.

Narendra Modi

Narendra Modi

Narendra Damodardas Modi is an Indian politician serving as the 14th and current prime minister of India since 2014. Modi was the chief minister of Gujarat from 2001 to 2014 and is the Member of Parliament from Varanasi. He is a member of the Bharatiya Janata Party (BJP) and of the Rashtriya Swayamsevak Sangh (RSS), a right-wing Hindu nationalist paramilitary volunteer organisation. He is the longest serving prime minister from outside the Indian National Congress.

Utilities

Utility Tunnel GIFT City
Utility Tunnel GIFT City

India's first city-level district cooling system (DCS) is operational at GIFT City. The first phase of this DCS, with a capacity of 10,000 Ton of refrigeration has been in operation since April 2015; it is designed to reduce the operational cost and avoid the capital cost of implementing individual air conditioners in each building.[26]

Source: "GIFT City", Wikipedia, Wikimedia Foundation, (2022, November 26th), https://en.wikipedia.org/wiki/GIFT_City.

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References
  1. ^ "Gujarat International Finance Tec-City - Global Financial Hub | GIFT Gujarat". Giftgujarat.in. Retrieved 3 January 2017.
  2. ^ "THE GUJARAT INTERNATIONAL FINANCE TEC-CITY (GIFT)". www.gudcltd.com. Retrieved 2 February 2018.
  3. ^ "GIFT makes steady progress; witnesses a 'hockey stick growth curve'". www.businesstoday.in. Retrieved 1 November 2018.
  4. ^ Subramanian, N. Sundaresha (1 February 2018). "More gifts for GIFT City may stop flight of capital to Singapore". The Economic Times. Retrieved 2 February 2018.
  5. ^ "Developments of Ahmedabad".
  6. ^ "Gujarat International Finance Tec-City to have its own metro stations". The Times of India. Archived from the original on 5 November 2013. Retrieved 3 January 2017.
  7. ^ "Ahmedabad- Metro Rail: Work on phase 2 of the project to begin in June 2020; details". The Financial Express. 18 November 2019. Retrieved 23 January 2020.
  8. ^ "Singapore firms get Gujarat International Finance Tec City (GIFT) invite - The Economic Times". Articles.economictimes.indiatimes.com. 15 December 2011. Retrieved 3 January 2017.
  9. ^ "China's Huawei to provide tech for GIFT". The Times of India. Archived from the original on 16 January 2012. Retrieved 3 January 2017.
  10. ^ "GIFT City, GCCI and World Trade Centre in pact for trade development | NetIndian". Netindian.in. 2 October 2014. Retrieved 3 January 2017.
  11. ^ "BSE to set up commercial tower at GIFT city in Gujarat | Latest News & Updates at Daily News & Analysis". Dnaindia.com. 15 October 2014. Retrieved 3 January 2017.
  12. ^ "Brigade Group to invest Rs 500 crore in GIFT City as co-developer - Times of India". Timesofindia.indiatimes.com. 18 October 2014. Retrieved 3 January 2017.
  13. ^ "Gujarat Will Buy Crisis-Hit IL&FS Stake in 'Gift City', Says CM Vijay Rupani". The Wire.
  14. ^ "IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore". The Economic Times. 8 June 2020. Retrieved 9 June 2020.
  15. ^ Bhayani, Rajesh (14 January 2019). "Boost for AIF biz at Gift city as top fund administrator gets license" – via Business Standard.
  16. ^ Umarji, Vinay (6 December 2019). "Bank of America opens Global Business Services Center at GIFT-IFSC". Business Standard India. Retrieved 23 January 2020.
  17. ^ "Accor opens the first international hotel in GIFT City". Travel Daily. 6 January 2020. Retrieved 23 January 2020.
  18. ^ Das, Saikat (20 January 2020). "GIFT City to begin trading in rupee-dollar in futures market". The Economic Times. Retrieved 23 January 2020.
  19. ^ "The Economic Times: JPMorgan, Deutsche and MUFG's entry to give Gift City a big boost".
  20. ^ "PM to launch SGX Nifty trade at GIFT". The Economic Times.
  21. ^ "India's first international bullion exchange to be inaugurat ." The Times of India.
  22. ^ a b "India's tallest proposed building Diamond Tower showcased(Video) | DeshGujarat News from Gujarat". Deshgujarat.com. 22 January 2009. Retrieved 3 January 2017.
  23. ^ "ABB will power up the world's biggest financial district". Abb.com. 13 August 2008. Retrieved 3 January 2017.
  24. ^ "News Update 2015 | VG 2015 | Vibrant Gujarat Global Summit 2017". Vibrantgujarat.com. Retrieved 3 January 2017.
  25. ^ Rishi Iyengar. "30,000 jobs in next 3 years immediate priority, says Tapan Ray, MD, Gujarat International Finance Tec-city". CNN.
  26. ^ "India's First District Cooling System at GIFT City: REHVA". www.rehva.eu. Retrieved 18 February 2019.
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