RCap to set up global commodity exchange at GIFT City

Gujarat International Finance Tec-City (GIFT), a state-run entity, today alloted 5 lakh sq ft space to Anil Ambani-led Reliance Capital Limited (RCL) to set up their global commodity exchange as well as for other international financial businesses.
Reliance Capital was alloted this space in International Finance Service Centre (IFSC) Special Economic Zone (SEZ), which is being set up under the GIFT project near state capital, Ramakanth Jha, Managing Director and Group CEO of GIFT Company Ltd said at a joint press conference here today.
Out of the total 5 lakh sq feet area, 3 lakh sq feet will be used to build a multi-storeyed tower having offices, while 2 lakh sq feet area will be utilised to build another tower to accommodate around 2,500 employees of the company, said Reliance Capital Executive Director Sam Ghosh.

"The international businesses to be set up here include alternate investment funds, wealth management and international commodity exchange, among others. We wanted a space where our employees can work as well as stay, and this turned out to be a suitable place," Ghosh said.
According to him, the entire project of building both the towers will be completed within three years with an investment of Rs 200 crore.
Ghosh further listed the advantages of setting up their financial businesses in the IFSC.

"We are having our operations in many countries such as in Singapore, US and in Europe. We do wealth management business in Middle East. But, it's in rupee. Now, we can do it in foreign currencies through our offices in IFSC," said Ghosh.

On plans to set up their international commodity exchange here, he stated that it will be the largest international commodity exchange.
"We will be dealing in agro produces, metals and bullion commodities. Through this exchange, we can do business in foreign currencies, which is the biggest advantage.
"Once we get approval from SEBI and RBI, we will operationalise this exchange, hopefully in next six months" Ghosh added.