Gujarat finance city clocks $1 bn turnover

India's first International Financial Services Centre, the Gujarat International Finance Tec-City, more commonly known as GIFT City, has struck a milestone with the total business transactions here by the operational units acrossing $1 billion, its officials announced on Friday.

Also on Friday, the 'Dhanteras' day, insurance major New India Assurance Company Ltd launched its operation from the GIFT City, becoming the first insurance company there.

GIFT City's Group CEO and Managing Director Ajay Pandey said while GIFT City has crossed the $1 billion mark, with the arrival of New India Assurance, it would now host the international transactions from the insurance segment too.

In his address, Union Minister of State for Finance and Corporate Affairs Arjun Ram Meghwal said seven banks were already operating from GIFT City and the Reserve Bank of India had taken a liberal view to attract to India another seven banks that are operating their international businesses from Dubai.

Gujarat Deputy Chief Minister Nitin Patel and New India Assurance Company's CMD G. Srinivasan were also present on the occassion.

Prime Minister Narendra Modi, who had wanted an international level financial hub in Gujarat, had conceptualised and launched the GIFT project when he was the Chief Minister. Through the Gujarat Urban Development Company Limited (GUDCL) and Infrastructure Leasing & Financial Services Limited (IL&FS), a 50:50 joint venture company called Gujarat International Finance Tec-City Company Limited (GIFTCL) was set up to implement the project.

--IANS

desai/vd