Five banks to fund first phase of GIFT City project

Five banks have agreed to fund the debt portion of Rs 1,157 crore for developing the first phase of GIFT City project being developed by Gujarat International Finance Tech City Company ltd.
The estimated cost of infrastructure for Phase-I has been calculated at Rs 1,818 crore. This cost would be funded by Rs 1,157 crore of debt, while the balance Rs 661 crore would be funded by equity and internal accruals over the next three years, an official release said.
"The debt requirement Rs 1157 crore to develop infrastructure for Phase-I of GIFT City would be fulfilled by a consortium of five banks led by the Syndicate Bank. Other banks are Bank of India, Bank of Baroda, Punjab & Sindh Bank and Corporation Bank," GIFTCL Group CEO Ramakant Jha said.

Funds would be be utlised to developing infrastructure for the city, including its road network, district cooling system, automated solid waste management system, sewerage treatment plant as well as power distribution system, the release said.
GIFT City, which is being developed as India's only International Financial Services Centre (IFSC), would have a World Trade Centre (WTC), SBI commercial tower, a tier-4 data centre, a skill development and training centre, as well as an outsourcing centre for foreign markets.
"We made allotment for an ICSE school, a five-star hotel, a business club and a hospital, for GIFT City. Allotment was also made to develop around 500 residential units in the city," Jha said.

Gujarat International Finance Tec-City Company Ltd (GIFTCL) is a joint venture company between Gujarat Urban Development Company and Infrastructure Leasing & Financial Services Limited (IL&FS).