Gujarat International Finance Tec-City
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GIFT Project Presentation
The details of the organisation are as follows:

Date of incorporation:

Incorporated on 21.6.2007, vide Registration No. U65929GJ2007PLC051160, dated the 21st June, 2007 and became entitled to commence business with effect from 21st September, 2007.

Gujarat International Finance Tec-City Company Ltd. has been set up as Joint Venture (JV) Company in terms of the Joint Venture (JV) Agreement dated 15/5/2007 between the Governor of the State of Gujarat represented by Gujarat Urban Development Company Limited (GUDC) and Infrastructure Leasing & Financial Services Limited (IL&FS). The objective is to design, develop, finance, construct, operate and maintain International Financial City in the Ahmedabad-Gandhinagar region. The JV company will aim at creating enabling framework for implementation of the project and individual sub projects as per the terms of JV agreement.

Type of Company

Public Limited Company

Shareholding pattern

IL&FS and GUDC are both holding 50% each of the share capital of the Company.

Listing with Stock Exchanges

Not applicable, as GIFTCL is not listed with any Stock Exchange.

Share Capital

Authorised Capital - Rs.5 crore, divided into 50,00,000/- [Fifty Lakhs] Equity Shares of Rs.10/- each

Paid Up Share Capital - Rs.5 crore of Equity Shares

Objectives of the Company

As set out in the objects clause of the Company's Memorandum of Association.
The salient features/background of the project is as follows:
The State of Gujarat has emerged as the fastest growing region in the country with an annual Gross State Domestic Product of over 14% per annum over the past 10 years. In addition to housing one of the largest manufacturing base in India, Gujarat also accounts for a disproportionately large share of the investor and entrepreneurial population in the country. A recently conducted talent study 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. Thus, land between Ahmedabad Gandhinagar region has been allotted for the development of a Central Finance and Business District (CFBD). Subsequently, the size of CFBD may be expanded and surrounded by Institutional areas, Knowledge parks, Integrated Townships, etc. The CFBD is planned in minimum 500 acres of land and has been named the Gujarat International Finance Tec-City (GIFT).
To develop and implement the GIFT project, the Government of Gujarat through its agency Gujarat Urban Development Company Limited (GUDCL) and Infrastructure Leasing & Financial Services (IL&FS) have established a Joint Venture Company, "Gujarat International Finance Tec-City Company Limited" (GIFTCL).
GIFT conceptualized as a global financial and IT services hub is first of its kind in India and designed to be at or above par with globally benchmarked financial centers. It shall be supported by state of the art internal infrastructure toe ensure enhanced urban amenities along with efficient external connectivity
The project partners in the project are:
Gujarat Urban Development Company Limited (GUDCL)

GUDCL is the designated agency of GoG to facilitate urban development by assisting state government and other agencies in formulation of policy, institutional capacity building, project implementation; to assist in raising funds from multilateral agencies for various projects to facilitate sustainable development of urban areas, both new and existing, in order to achieve high living standards and growth of economic activities.

GUDCL has executed several mega projects viz. Gujarat Earthquake Rehabilitation and Reconstruction Project (GERRP), Gujarat Urban Reforms Project (GURP), GUDA Township Project. For more details about GUDCL please refer following URL:
Infrastructure Leasing and Financial Services Ltd (IL&FS)

IL&FS was promoted by the Central Bank of India (CBI), Housing Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI). Over the years, IL&FS has broad-based its shareholding and inducted Institutional shareholders including State Bank of India, Life Insurance Corporation of India, ORIX Corporation, Japan and Abu Dhabi Investment Authority.

Incorporated in 1987, the business architecture of IL&FS focuses on providing services in development of Core Infrastructure Areas suitably complemented with an array of Financial Services. The various businesses are conducted through subsidiaries with IL&FS being a principal shareholder in each. For more details about IL & FS please refer following URL:
The rationale for setting up the project derives from the following:
India's Potential in the Financial Services Sector

India's financial sector has benefited immensely from the last 15 years of reforms. It has witnessed unprecedented growth across all products and segments in the last decade. There has been significant growth in retail banking products, driven by increased demand for basic banking, consumer finance products, and wealth management products. Capital markets have seen a big surge: the equity markets are at all-time highs; increasing numbers of corporates are raising capital to fund their expansion plans; PE firms are actively investing in India; FII inflows into the country have exceeded US$ 8 billion in 2006; and domestic asset management companies are gradually gaining importance. Today the sector is a significant contributor to India's GDP. It employs over 3 million people, constitutes about 5% of the GDP and has an estimated market capitalization of over $ 200 billion.

The IT/ITeS sector in India has also seen phenomenal growth. India has emerged as the top location of choice in the global IT/ITeS sector; it accounts for about 60% of the global offshore IT industry and about 50% of the global BPO market. Almost 40% of this IT/ITeS demand is driven by the banking and financial services sector. Going forward as the offshore and domestic markets continue to grow, we believe that India is very well positioned to capture a large portion of this opportunity.

As India sees continued economic growth, the financial sector is going to grow increasingly larger. By 2020, the sector could comprise a potential 10 million to 11 million jobs - both in the domestic and international financial services arena- and a GDP contribution of about US $350-400 billion with a $ 1.6-1.8 trillion market capitalization. Further, with continued growth and rapid development in technology, an increasing share of financial services opportunity will lend itself to centralization. As per McKinsey & Company's estimates, by 2020, the sector is likely to offer a potential of about 6 million centralizable jobs across multiple service roles.

Strong Need for Establishment of Financial Services Center

Several countries around the world have successfully unlocked their financial services potential by establishing hubs, which over time have become international financial services centres (IFSC). These financial services centres help provide suitable regulatory regimes and create a business environment to promote talent and help increase capital flow. As these financial services centres develop, they create significant economic value for their domestic economies, e.g., leading financial services centres such as London and New York account for as much as 10% of the total GDP and about 5% of jobs. Moreover, emerging financial services centres such as Singapore and Hong Kong have also been able to achieve similar levels of concentration of economic activity over short periods of time.

While India has enormous potential in financial services as described above, it is currently not in a position to fully realise it. All leading Indian cities are far from measuring up to benchmarks set by successful international financial services centres. They severely lag behind on the quality of infrastructure, are not able to offer the required quality of life, and more importantly are constrained by regulations.

If India is to effectively unlock its financial services potential it would need unrestricted access to globally benchmarked financial services centres, which match international standards in infrastructure, attract quality talent, offer a high quality of life and are supported by a strong regulatory environment.

GIFT's Positioning

GIFT aspires to catalyse India's large financial services potential by offering to global and local financial services firms world-class infrastructure to tap the opportunity and best-in-class quality of life to attract top talent in the country. Like all leading financial centres GIFT will target a 6-8% share of the financial services potential in India. This would result in creation of ~ 500,000 direct and an equal no. of indirect jobs requiring upto 91 million square feet of real estate office and residential space. The proposition targeted by GIFT is compelling and will comprise of the following aspects:

Robust Urban Planning:
Narmada Main canal
Unique building skyline of its kind in the region;
Concept of Self -Sustainable City
Infrastructure Provision
Transportation system;
District Cooling System;
Domestic Gas Network;
Captive power plant and
Integrated with a Technology Backbone for a tech-finance hub:
Data Centers;
Shared Infrastructure;
Highly secure;
Future-proof and
Energy Conservation Measures: Reduced per capita energy consumption
Comprehensive Water management plan incorporated to achieve self-sustainability
Integrated township bestowed with the best of social and physical infrastructure.
Proactive talent management to produce industry-ready graduates across various job profiles, by partnering with government, universities, industry associations and finishing schools


The Project has been globally benchmarked with International Financial Centres. GIFT also envisages to become a hub for IT/ ITES for Financial Services and other multi services sector. GIFT is expected to generate around 0.5 million of direct jobs and equal number of indirect jobs. While integrating their best features, GIFT also envisages creating high-quality city environment with best in class infrastructure. The Project thus, would set standards for Sustainable Business Environment.


The vision of GIFT is to be achieved through the following objectives, which are enumerated as follows:

Propelled by a competitive economy anchored on commerce and related industry, GIFT, envisaged to be developed as an Eco-City, will serve as a Vibrant Hub and as a habitat showcasing family oriented, environmentally-sensitive growth with equity.

Target Business Segments

The various business segments that are proposed to be targeted by GIFT and nature of opportunities in each of these business segments are enumerated as follows:

To develop a road map for fast track implementation
To develop a new format for globally benchmarked Integrated City;
To aggressively target all the financial services opportunity types suitable for centralization, ranging from back office operations and IT support to high end jobs in evolved product markets like trading, private banking etc.
To make the city hugely scalable in each and every aspect for a distant future and create a much larger carrying capacity;
To derive the city format from fast changing lifestyles and new technologies;
To achieve an image of Global city, that keeps pace with modern technologies
GIFT-Target Business Segments
Business Nature of Opportunity
Financial Services Back-office of banking, Insurance and Asset Management Companies
Financial Services Corporate roles in financial services companies. E.g. Accounting, HR, Admin, IT
Select Product Market Private banking, Product development, Microfinance etc.
Capital Market and Trading Includes DCM, ECM, M&A, Commodity trading, Private Equity, Hedge Funds, Institutional brokerage
IT services Software Application development and maintenance for BFSI and other verticals
ITeS/ BPO Services Captive BPOs of large global financial services companies, 3rd party BPO service providers, KPOs etc.

Source: McKinsey Study for GIFT Project

It is estimated that the financial services industry would generate about 9 to 11 million jobs by 2020 and would require about 800 mn sq ft of office space all over India. GIFT aspires to capture a modest share of 6 to 8 per cent of these opportunities and would result into about 0.5 million direct jobs. It is also estimated that ancillary and support services would add similar job opportunities

GIFT-Employment Opportunities
Sr. No. Financial Services   Estimated No of Jobs (Thousands)
Year 2020
1 Core Financial Services Financial Services Operations 125-150
2 Financial Services Corporate Centre 100-125
3 Select Product Markets 10-15
4 Capital Markets & Trading   2-4
5 IT for Financial Services   200-225
6 ITeS for Financial Services   75-100
  Total   500-600

Source: McKinsey Study for GIFT Project

An additional 5,00,000 indirect jobs is expected to be created by 2020

The Management of the Company is vested with the Board of Directors. In terms of the Articles of Association of the Company, the Directors of the Company shall be appointment as under:

Four Directors to be appointed by Government of Gujarat including Chairman of the Company
Four Directors to be appointed by Infrastructure Leasing & Financial Services Limited including Managing Director
Four Independent Directors to be appointed as may be mutually agreed by Government of Gujarat / Gujarat Urban Development Company Limited and Infrastructure Leasing & Financial Services Limited