BSE to invest Rs 200 cr for setting operations in GIFT city

BSE Brokers' Forum, the association of brokers of Asia's oldest stock exchange, plans to invest Rs 200 crore to build an iconic tower at GIFT city in Gujarat.
The forum has been allocated a total of 4.5 lakh square feet of built up area (BUA) at Gujarat International Finance Tec-City (GIFT) in Gandhinagar, India's first globally benchmarked International Financial Services Centre (IFSC).
The Forum was initially allotted 3 lakh square feet of BUA by GIFT to build the iconic Tower at GIFT City. However, due to an overwhelming response from member brokers, the Forum has decided to take up an additional space of 1.5 lakh square feet of BUA in GIFT, BSE Brokers' Forum's Chairman Siddharth Shah told reporters here.

The Forum will invest an additional about Rs 80 crore, taking the total investment at GIFT City to about Rs 200 crore, he said.
Saurabh Patel, Minister of Finance, Gujarat handed over the allotment letter to Shah here today.
Welcoming the Forum's decision of an additional investment, Patel said that an overwhelming response from Forum members indicates the potential of GIFT city to emerge as a preferred business destination.

The Gujarat Government with the help of Centre is taking all necessary steps to fast track the development of GIFT city which will transform Gujarat and India as a global financial hub and create large number of jobs, Patel said.

Shah said, "We intend to build an iconic tower like the BSE Building which is not only the "Barometer of the Economy" but a symbol of the capital markets in the country.
Ramakant Jha, MD & Group CEO, GIFT Company Ltd said in the coming years they expect to have stock exchanges from across the world to come and set up operations at GIFT city and will offer various offshore facilities. The country would be able to attract business worth about USD 50 billion.
GIFT City with 'state-of-the-art' infrastructure facilities is fast emerging as most preferred location for various financial institutions for setting up operations.