GIFT City

2022-08-12T13:09:09Z

103.240.99.99: robot: Import articles to fix broken redirects

{{Short description|Business district under construction in Gujarat, India}}
{{Use dmy dates|date=May 2018}}
{{Use Indian English|date=May 2018}}
{{Infobox settlement
| name = GIFT City
| official_name = Gujarat International Finance-Tec City
| native_name =
| other_name =
| nickname =
| settlement_type =
| image_skyline =
| pushpin_map = India Gujarat#India
| pushpin_map_alt =
| pushpin_map_caption = Location in Gujarat, India
| coordinates = {{coord|23.159626|N|72.684512|E|display=inline,title}}
| subdivision_type = India
| subdivision_name = {{flag|India}}
| subdivision_type1 = [[States and territories of India|State]]
| subdivision_name1 = [[Gujarat]]
| subdivision_type2 = [[List of districts of India|District]]
| subdivision_name2 = [[Gandhinagar]]
| established_title = 
| established_date =
| named_for =
| government_type =
| governing_body = Gujarat International Finance Tec-City Company Limited
| unit_pref = Metric
| area_footnotes =
| area_rank = 3.58<ref name=official>{{cite web|url=http://giftgujarat.in/ |title=Gujarat International Finance Tec-City - Global Financial Hub | GIFT Gujarat |website=Giftgujarat.in |access-date=2017-01-03}}</ref>
| area_total_km2 = 3.99
| elevation_footnotes =
| elevation_m =
| population_total =
| population_as_of = 0
| population_rank =
| population_density_km2 = auto
| population_demonym =
| population_footnotes =
| demographics_type1 = Languages
| demographics1_title1 = Official
| demographics1_info1 = [[Gujarati language|Gujarati]], [[Hindi language|Hindi]], English
| timezone1 = [[Indian Standard Time|IST]]
| utc_offset1 = +5:30
| postal_code_type = 
| postal_code = 382426
| area_code_type = Telephone code
| area_code = +91
| registration_plate = GJ18
| website = {{URL|http://giftgujarat.in}}
| footnotes =
| subdivision_type3 = Metro
| subdivision_name3 = [[Ahmedabad]]
}}
'''Gujarat International Finance Tec-City''' ('''GIFT City''') is an under-construction [[central business district]] in [[Ahmedabad]] in [[Gujarat]], India. It is India's first operational [[Greenfield land|greenfield]] [[smart city]] and international financial services center, which the [[Government of Gujarat]] promoted as a [[greenfield project]]. Many big companies are working in this city .

The city is located on the banks of the [[Sabarmati River]] and is around {{cvt|12|km}} from [[Sardar Vallabhbhai Patel International Airport]].<ref>{{Cite web|url=http://www.gudcltd.com/gujarat-international-finance-tech-city|title=THE GUJARAT INTERNATIONAL FINANCE TEC-CITY (GIFT)| website=www.gudcltd.com| language=en|access-date=2018-02-02}}</ref><ref>{{cite web|url=http://www.businesstoday.in/sectors/infra/gift-city-gujarat-international-finance-tec-city-jobs-companies-offices/story/268278.html|title=GIFT makes steady progress; witnesses a 'hockey stick growth curve'|website=www.businesstoday.in|access-date=1 November 2018}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/more-gifts-for-gift-city-might-stop-flight-of-capital-to-singapore/articleshow/62744143.cms|title=More gifts for GIFT City may stop flight of capital to Singapore|last=Subramanian|first=N. Sundaresha|date=2018-02-01|work=The Economic Times|access-date=2018-02-02}}</ref><ref>{{cite web|title= Developments of Ahmedabad | url=https://www.nationsroot.in/member/ahmedabad-west-mp-dr-kirit-p-solanki}}</ref> 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 double corridor metro system is being constructed to connect GIFT City to the [[Sardar Vallabhbhai Patel International Airport|nearby airport]] and various parts of [[Ahmedabad]].

The total area for the development of GIFT is 886 acres out of which the [[Special economic zone|SEZ]] (Special Economic Zone) constitutes 261 acres. The project area under development can hence be classified under the [[Special economic zone|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.

==History==
[[File:Shri Sudhir Mankad, Chairman, 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, Gandhinagar, Gujarat.jpg|thumb|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.<ref>{{cite web|url=http://articles.economictimes.indiatimes.com/2011-12-15/news/30520461_1_singapore-firms-singapore-government-financial-sector |title=Singapore firms get Gujarat International Finance Tec City (GIFT) invite - The Economic Times |website=Articles.economictimes.indiatimes.com |date=2011-12-15 |access-date=2017-01-03}}</ref>

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|Huawei India]], this technology included networks, data centres and surveillance.<ref>{{cite web|url=http://articles.timesofindia.indiatimes.com/2011-12-16/ahmedabad/30524622_1_huawei-india-international-finance-tec-city-sis |archive-url=https://web.archive.org/web/20120116131308/http://articles.timesofindia.indiatimes.com/2011-12-16/ahmedabad/30524622_1_huawei-india-international-finance-tec-city-sis |url-status=dead |archive-date=2012-01-16 |website=[[The Times of India]] |title=India News, Latest Sports, Bollywood, World, Business & Politics News |access-date=2017-01-03}}</ref>

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.<ref>{{cite web|url=http://netindian.in/news/2014/10/02/00030771/gift-city-gcci-world-trade-centre-pact-trade-development |title=GIFT City, GCCI and World Trade Centre in pact for trade development | NetIndian |website=Netindian.in |date=2014-10-02 |access-date=2017-01-03}}</ref>

BSE Broker's Forum planned to invest {{INR|120 crore}} to build a commercial tower to set up back-office operations. They were allocated {{convert|300000|sqft|m2|order=flip}} to develop the commercial tower with the likelihood of setting up an exchange office.<ref>{{cite web|url=http://www.dnaindia.com/money/report-bse-to-set-up-commercial-tower-at-gift-city-in-gujarat-2026420 |title=BSE to set up commercial tower at GIFT city in Gujarat | Latest News & Updates at Daily News & Analysis |website=Dnaindia.com |date=2014-10-15 |access-date=2017-01-03}}</ref>

According to ''[[The Times of India]]'' on 18 October 2014, the [[Bangalore]]-based [[Brigade Group]] would invest {{INR|500 crore}} over the next few years to develop {{convert|1.1|e6sqft|m2|order=flip}} of built up area with a future option of investing another{{INR|600 crore}} to develop {{convert|1.7|e6sqft|m2|order=flip}}.<ref>{{cite web|url=http://timesofindia.indiatimes.com/business/india-business/Brigade-Group-to-invest-Rs-500-crore-in-GIFT-City-as-co-developer/articleshow/44867808.cms |title=Brigade Group to invest Rs 500 crore in GIFT City as co-developer - Times of India |website=Timesofindia.indiatimes.com |date=2014-10-18 |access-date=2017-01-03}}</ref>

In November 2018, [[The Wire (India)|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.<ref>{{cite web|url=https://thewire.in/political-economy/gujarat-buying-crisis-hit-ilfs-stake-gift-city-vijay-rupani|title=Gujarat Will Buy Crisis-Hit IL&FS Stake in 'Gift City', Says CM Vijay Rupani|website=The Wire}}</ref> In June, 2020, IL&FS concluded sale of its stake in GIFT-City for {{INR|32 crore}} equity value to the state government.<ref>{{Cite news|date=2020-06-08|title=IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/ilfs-sells-50-pc-stake-in-gift-city-to-gujarat-govt-reduces-consolidated-debt-by-over-rs-1200-crore/articleshow/76260582.cms|access-date=2020-06-09}}</ref>

According to ''[[Business Standard]]'',<ref>[https://www.business-standard.com/article/economy-policy/boost-for-aif-biz-at-gift-city-as-top-fund-administrator-gets-license-119011400379_1.html] Boost for AIF biz at Gift city as top fund administrator gets license</ref> OPS Fund Services, a subsidiary of OPS Global, Singapore, received a license to open in the International Financial Service Centre at GIFT city.<ref>{{cite web|url=https://www.business-standard.com/article/economy-policy/boost-for-aif-biz-at-gift-city-as-top-fund-administrator-gets-license-119011400379_1.html|title=Boost for AIF biz at Gift city as top fund administrator gets license|first=Rajesh|last=Bhayani|date=14 January 2019|via=Business Standard}}</ref>

On 5 December 2019, ''Business Standard'' reported that [[Bank of America]] opened a Global Business Services Center at GIFT.<ref>{{Cite news|url=https://www.business-standard.com/article/finance/bank-of-america-opens-global-business-services-center-at-gift-ifsc-119120601155_1.html|title=Bank of America opens Global Business Services Center at GIFT-IFSC|last=Umarji|first=Vinay|date=2019-12-06|work=Business Standard India|access-date=2020-01-23}}</ref>

On 6 January 2020, [[Accor]] opened the first international hotel in GIFT City.<ref>{{Cite web|url=https://www.traveldailymedia.com/accor-opens-the-first-international-hotel-in-gift-city/|title=Accor opens the first international hotel in GIFT City|date=2020-01-06|website=Travel Daily|language=en-US|access-date=2020-01-23}}</ref>

On 20 January 2020, [[The Economic Times]] reported GIFT was ready to begin trading in rupee-dollar in the [[futures market]].<ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/forex/gift-city-to-begin-trading-in-rupee-dollar-in-futures-market/articleshow/73444484.cms|title=GIFT City to begin trading in rupee-dollar in futures market|last=Das|first=Saikat|date=2020-01-20|work=The Economic Times|access-date=2020-01-23}}</ref>

In July 2022, [[JPMorgan Chase]], [[Deutsche Bank]] and [[Mitsubishi UFJ Financial Group]] opened new offices at the International Financial Services Centre.<ref>{{Cite news |title=The Economic Times: JPMorgan, Deutsche and MUFG's entry to give Gift City a big boost |url=https://economictimes.indiatimes.com/news/economy/finance/jpmorgan-deutsche-and-mufgs-entry-to-give-gift-city-a-big-boost/articleshow/92663771.cms}}</ref> Prime Minister [[Narendra Modi]] formally opened [[Singapore Exchange]]'s [[Futures contract|futures]] trading operation "Nifty",<ref>{{Cite news |title=PM to launch SGX Nifty trade at GIFT |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/pm-to-launch-sgx-nifty-trade-at-gift/articleshow/92814613.cms}}</ref> and India's first international [[bullion]] exchange was opened.<ref>{{Cite news |title=India's first international bullion exchange to be inaugurat .. |work=The Times of India |url=https://timesofindia.indiatimes.com/city/ahmedabad/ahmedabad-indias-first-international-bullion-exchange-to-be-inaugurated-on-july-15/articleshow/92735659.cms}}</ref>

===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.<ref name=":0">{{cite web|url=http://deshgujarat.com/2009/01/22/indias-tallest-proposed-building-diamond-tower-showcasedvideo/ |title=India's tallest proposed building Diamond Tower showcased(Video) | DeshGujarat News from Gujarat |website=Deshgujarat.com |date=2009-01-22 |access-date=2017-01-03}}</ref> This phase will also include the building of basic infrastructure.<ref name=":0" />

===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]]<ref>{{cite web|url=http://www.abb.com/cawp/seitp202/e564972c0a2c6cfec125749c002d678d.aspx?leftdb=abbzh250&v=553E&e=us |title=ABB will power up the world's biggest financial district |website=Abb.com |date=2008-08-13 |access-date=2017-01-03}}</ref>

===Status===

As part of Phase-I development, around {{convert|8.4|e6sqft|m2|order=flip}} of built-up area has already been allotted from the {{convert|13|e6sqft|m2|order=flip}} available for commercial, residential and social use.<ref>{{cite web|url=http://www.vibrantgujarat.com/DisplayNewsUpdate.htm?NewsUpdateId=121 |title=News Update 2015 | VG 2015 | Vibrant Gujarat Global Summit 2017 |website=Vibrantgujarat.com |access-date=2017-01-03}}</ref> On 11 September 2019, Tapan Ray, managing director and Group CEO of GIFT City, said the city had attracted around {{INR|11,000 crore}} of investment.<ref name="CNN Business">{{cite web|url=https://www.financialexpress.com/industry/immediate-priority-to-reach-30000-jobs-in-next-3-years-tapan-ray-managing-director-gift-city/1702395/|title=30,000 jobs in next 3 years immediate priority, says Tapan Ray, MD, Gujarat International Finance Tec-city|author=Rishi Iyengar|website=CNN}}</ref>

==Utilities==
[[File:Utility Tunnel GIFT City.jpg|thumb|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.<ref>{{Cite web|url=https://www.rehva.eu/publications-and-resources/rehva-journal/2018/012018/indias-first-district-cooling-system-at-gift-city.html|title=India's First District Cooling System at GIFT City: REHVA|website=www.rehva.eu|access-date=2019-02-18}}</ref>

==Transport==
GIFT City will have a metro station connecting it to the [[Ahmedabad Metro|Ahmedabad metro]] network by March 2024.<ref>{{cite web|url=http://articles.timesofindia.indiatimes.com/2013-01-10/ahmedabad/36257250_1_gift-city-gujarat-international-finance-tec-city-ramakant-jha |archive-url=https://web.archive.org/web/20131105151056/http://articles.timesofindia.indiatimes.com/2013-01-10/ahmedabad/36257250_1_gift-city-gujarat-international-finance-tec-city-ramakant-jha |url-status=dead |archive-date=2013-11-05 |website=[[The Times of India]] |title=India News, Latest Sports, Bollywood, World, Business & Politics News |access-date=2017-01-03}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/infrastructure/ahmedabad-gandhinagar-metro-rail-work-on-phase-2-of-the-project-to-begin-in-june-2020-details/1767787/|title=Ahmedabad- Metro Rail: Work on phase 2 of the project to begin in June 2020; details|date=2019-11-18|website=The Financial Express|language=en-US|access-date=2020-01-23}}</ref>

==References==
{{reflist}}

==External links==
* {{Official website|http://giftgujarat.in/}}
* [https://ifsca.gov.in/ International Financial Services Center]
* {{YouTube|YynCpCEEMYU|"Financial Centres Of The World 2020: Focus On GIFT City, Gujarat"}}
{{gujarat}}

{{DEFAULTSORT:GIFT CITY}}
[[Category:Proposed infrastructure in India]]
[[Category:Economy of Gujarat]]
[[Category:Science and technology in Gujarat]]
[[Category:Financial districts in India]]
[[Category:Buildings and structures under construction in India]]
[[Category:Planned cities in India]]
[[Category:Financial services in India]]
[[Category:Chief Ministership of Narendra Modi]]
[[Category:Economy of Ahmedabad]]

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GIFT City