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Industry | Banking, financial services, insurance, wealth & asset management, brokerage & capital markets, professional service providers, corporate offices and retailers |
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Founded | 11 January 2011 (foundation stone laid) 10 April 2015 (inaugurated) |
Headquarters | GIFT City, India |
Key people | Ajay Pandey (President) Ravi Parthasarathy (Governing Council Chairman) Tapan Ray ( CEO) Sudhir Mankad (Chairman) |
Website | www |
Footnotes /references [1] [2] |
The GIFT International Financial Services Centre (GIFT IFSC) is a financial centre and special economic zone in GIFT City, India. It was established in 2015 as a financial hub to provide world-class infrastructure and services for financial institutions and companies operating in areas such as banking, insurance, capital markets, and asset management. GIFT IFSC is regulated by the International Financial Services Centres Authority, an independent regulator exclusive to the zone. [3]
GIFT International Finance Services Centre (GIFT IFSC) is a special economic zone (SEZ) located in the Indian state of Gujarat, which was set up to promote international financial services.
It was established in the year 2007 by the Government of Gujarat. The GIFT project was first proposed in the year 2007, when the then Chief Minister of Gujarat, Narendra Modi, announced the establishment of an international financial services centre in Gujarat. The project was initiated with the aim of creating a world-class financial hub that could compete with the likes of London, New York, and Hong Kong. [4] [3]
The foundation stone for the GIFT project was laid on 28 January 2011, by the then Finance Minister of India, Pranab Mukherjee, and the then Chief Minister of Gujarat, Narendra Modi. The project was launched with an initial investment of ₹ 78 billion (equivalent to ₹160 billionorUS$1.9 billion in 2023). [4]
The first phase of the GIFT project was completed in the year 2017, with the construction of 10 buildings, including two iconic towers – GIFT One and GIFT Two. GIFT One is a 28-storey tower, while GIFT Two is a 29-storey tower. These towers are the tallest buildings in Gujarat, with a height of 122 meters. [5]
The GIFT project has been developed as a special economic zone (SEZ) under the SEZ Act, 2005. It is spread over an area of 359 hectares (886 acres) and has been designed as a self-contained city with state-of-the-art infrastructure, including a dedicated power plant, water treatment plant, and an underground utility tunnel. [6]
Timeline |
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Key executives and members of the board of directors at the GIFT IFSC: [27]