Gujarat will buy crisis-hit IL&FS stake in GIFT City, says CM Vijay Rupani

Sources in the state government said once the government acquires the stake from IL&FS, it will look for a strategic investor who can take the project forward

Gujarat will buy out the 50 per cent stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in Gujarat International Finance Tec-City, or GIFT City, to ensure there are no delays to the project, said Chief Minister Vijay Rupani on Monday.

“We have taken an in-principle decision to buy out the IL&FS stake in GIFT City as we think this project has a very good future. Already, some of the world’s biggest banks and India’s top financial institutions have opened their offices there. We are encouraging every finance company to set up base there,” he said.  

The value of the