GUJARAT INTERNATIONAL FINANCE TEC‐CITY (GIFT)

The State of Gujarat has emerged as the fastest growing region in the country with an annual Gross State Domestic Product (GSDP) of over 14% per annum over the past 10 years. In addition to housing one of the largest manufacturing bases in India, Gujarat also accounts for a disproportionately large share of the investor and entrepreneurial population in the country. A recently conducted talent study for the State also established that the manpower pool available in Gujarat, including non-resident Gujarati’s, is amongst the largest pools available in the country

Recognizing the potential of the State as a centre for the financial services industry, the Government of Gujarat formulated a mega project to realize this vision. Approximately 27,000 ha of land between the commercial capital of the State, Ahmedabad, and the Administrative Capital of the State, Gandhinagar, have been earmarked for the development of a Central Finance and Business District (CFBD), Institutional areas, Knowledge parks, Integrated Townships, etc. The CFBD has been named the Gujarat International Finance Tec-City (GIFT)

The Project Concept

Location : The site is 12 kms from the Ahmedabad International Airport and 8 kms from Gandhinagar. The site abuts a four lane National Highway (NH8) which connects Ahmedabad and Gandhinagar on its western side. The Sabramati river demarcates the eastern boundary of the Project site

Concept : GIFT is being designed as a hub for the global finance services industry. The Project design has benefited greatly from the inputs of a large number of domestic and international experts who have had an opportunity to determine the key needs of Companies in the financial services space. More particularly, state-of-the-art connectivity, infrastructure and transportation access have been integrated into the design of the city. An attractive pricing strategy is also being developed to ensure that it is a fraction of the cost that is ordinarily incurred in other Indian and global finance cities

Proposed Implementation Framework :

The Project is being implemented through a series of entities / agencies to provide a seamless framework

•Buildings : The various buildings under the GIFT Project would be constructed through selected and experienced contractors having relevant credentials in line with the requirements. The buildings would be in the form of shell, furnished, plug & play or press & play as the case may be. Uniformity of design and aesthetics would be maintained

• Infrastructure : The Company would structure Sub-Projects for private sector participation on a stand-alone basis or on a joint venture basis. GIFTCL would aim at creating an enabling framework for implementing the individual sub-projects through a Public Private Partnership mode and with facilitation by GoG. Thus several Sub-Projects would be developed on Build Operate and Transfer (BOT) for recovery on user pay basis

•Special Purpose Vehicles At an appropriate time, the Company would set up SPV’s to domicile the several Project Components. Each SPV would be self-sufficient on a stand-alone basis. As a strategy, the Company would consider taking a stake in some of the SPV’s

•Consultants :Panel of consultants presently engaged for GIFT include ECADI/Fairwood, McKinsey & Company, Hewitt, IL&FS Ecosmart among others