In the last week of May, the National Company Law Tribunal approved the sale of once-upon-a-time infrastructure development catalyst Infrastructure Leasing & Financial Services’ (IL&FS’) stake in Gujarat International Finance Tec-City Company Ltd, popularly known as Gift City, to the Gujarat Urban Development Company Ltd, a state enterprise.
IL&FS, a so-called core investment company with its finger in every single pie of business spread over 347 companies in India and overseas, holds a 50 per cent stake in Gift City — India’s first operational smart city and international financial services centre in Ahmedabad, Gujarat. In 2007, IL&FS had entered into an
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