Page 6 - Gift City

GSPC, IGX to set up global hydrogen trading mechanism at GIFT IFSC

The International Financial Services Centre (IFSC) at GIFT City in Gandhinagar on Tuesday announced a strategic collaboration with the Indian Gas Exchange (IGX) and state-owned Gujarat State Petroleum Corporation (GSPC) to set up a global hydrogen trading mechanism. "A key aspect of this collaboration is the subsequent launch of the Global Hydrogen Price Index, a benchmark that will play a pivotal role in price discovery and market information on the burgeoning green hydrogen market in India," the Gujarat International Finance Tec-City (GIFT City) said in a release. The mechanism is expected to enhance transparency, boost investor confidence, and facilitate the growth of the green hydrogen market on a global scale, it said. GSPC jointly with IGX will develop a mechanism to create an index for hydrogen and attract global institutions to trade in GIFT IFSC, the release said. GIFT City SEZ is a notified IFSC in India with banking, insurance, capital markets, asset management, and FinT

FM seeks more participation from French financial institutions at GIFT City

Finance Minister Nirmala Sitharaman on Friday met French President Diplomatic Advisor Emmanuel Bonne and sought greater participation from French financial institutions and operations in the International Financial Services Centre (IFSC) at GIFT City. "They discussed approaches for further enhancing collaborative positions on climate actions, strengthening international financial institutions and addressing the debt vulnerability in low-and-middle-income countries," the finance ministry said in a post on X. Recognising the synergy between Indian UPI and French Targeted Instant Payment Settlement (TIPS), they explored avenues for closer financial integration, it said. "Finance Minister Smt. @nsitharaman encouraged greater participation from French financial institutions and corporations in pathbreaking initiatives and operations in IFSC at @GIFTCity," it said. Bonne is in the national capital ahead of the upcoming visit of French President Emmanuel Macaron as the chief guest for the

Direct listing of stocks at GIFT City soon, says FM Nirmala Sitharaman

Sitharaman also expressed that IFSC should become the platform for the trade of carbon credit

IFSC needs to ready platform where green credits can be traded: Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said India has a USD 10.1 trillion funding gap to meet its net zero commitment and asked IFSC to set up a platform where green credits can be traded. Speaking at a session 'An aspiration of modern India' at the GIFT City, the minister said companies in India will be able to access global funds soon with direct listing on IFSC exchanges. "The much awaited direct listing of stock in Gift IFSC was announced earlier. We are going through the process in a systematic manner and I'm confident that it will happen at the earliest. With that Indian companies should be able to access global funds easily being listed in India," she said. Last year the government had decided to allow listed and unlisted companies to directly list themselves on the IFSC (International Financial Services Centre) exchanges at GIFT City. Currently, Indian companies can access foreign equity markets only through issuing depository receipts or by listing their debt ...

ONGC Videsh incorporates wholly-owned subsidiary in Gujarat's GIFT City

ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in GIFT City, Gujarat. "This GIFT city entity will function as the global treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. "Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. India's first International Financial Services Centre at GIFT City gives options to Indian and overseas multinationals to shift their overseas investments onshore. "OOIL will, thus, act as ONGC Group's gateway to the world for its overseas .

Yotta's AI data centre in GIFT City to be commissioned before March: Nvidia

Global computing major Nvidia on Wednesday said its partner Yotta is set to commission an "artificial intelligence data centre" in the GIFT City here before end of March. Speaking at the biennial Vibrant Gujarat Global Summit, Shankar Trivedi, senior vice president at Nvidia Global Field Operations, said the American company is partnering with Tata Group and Reliance Industries for setting up data centres. The data centre being set up by Yotta, a Hiranandani Group company, will go live before March, he said. "I'm very happy to inform you that our partner Yotta is setting up a state of the art AI data centre here in GIFT city and it will be available and go live before the end of March," Trivedi said. The Ahmedabad-educated Trivedi said sovereign generative AI requires scalable data centres and added that generative AI will impact everybody in the future.

Paytm to invest Rs 100 cr in GIFT City to build global payments system

Service will 'reduce friction' in cross-border remittances, says fintech company ahead of Vibrant Gujarat summit

Paytm to invest Rs 100 cr in GIFT City to build global financial ecosystem

Fintech firm One97 Communications, which owns Paytm brand, plans to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem, the company said on Wednesday. The company will make the investment over a period of time and will seek requisite approvals for the same. "GIFT City is set to become a global financial hub, further putting India on the world map for innovation. The strategic investment in GIFT City represents a pivotal step towards building an Artificial Intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities. This will enable us to deliver fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale," One97 Communications Founder and CEO Vijay Shekhar Sharma said in a statement. With GIFT city as an ideal innovation hub for cross-border activity, Paytm will use its proven capability to innovate and build new tech for users across the

USISPF joins Vibrant Gujarat Global Summit as partner organisation

The US-India Strategic Partnership Forum (USISPF) on Tuesday announced its association as a partner organisation with the Vibrant Gujarat Global Summit 2024 from January 10th to 12th, 2024, in Gandhinagar."USISPF is honoured to lead a delegation comprising over 35 Fortune American companies, including Salesforce, Abbott, Blackstone, HSBC, UPS, Micron, Cisco, SHRM, and others. These companies also have plans to increase their investments in Gujarat. The delegation will be led by Lal Karsanbhai, President and CEO of Emerson, and co-led by USISPF President & CEO Dr. Mukesh Aghi," the USIPF stated in an official release.At the summit, the focus areas will include leveraging India's burgeoning momentum in the hi-tech manufacturing space, particularly in avenues of semiconductors and chip manufacturing, as well as critical areas of the energy transition, chemicals and industrial manufacturing, aerospace, and defence."The companies are also eagerly exploring opportunities to build on ..

Infibeam Avenues inks MoU with Gujarat govt to invest Rs 2,000 cr by FY30

The company said it aims to develop its Artificial Intelligence (AI) Hub for developing AI technology for payments and platforms aimed at servicing retailers

PFC gets RBI nod to set up wholly-owned finance company in GIFT City

Power Finance Corporation (PFC) on Tuesday received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company. The company is planning to set up a subsidiary at the International Financial Services Centre (IFSC) in GIFT City, Gujarat. PFC is in receipt of the no objection letter dated January 9, 2024, from the RBI for setting up a finance company (as a wholly-owned subsidiary) at IFSC in GIFT City, Gujarat. "PFC's entry into the IFSC is expected to open up new business opportunities and establish PFC's global presence," PFC said in a BSE filing. Under the Ministry of Power, PFC is an infrastructure finance company.

PM to visit Gujarat from Jan 8-10; will inaugurate Vibrant Gujarat Summit

Prime minister Narendra Modi will visit Gujarat from January 8-10 during which he will hold bilateral meetings with world leaders, CEOs of top global corporations, and inaugurate the Vibrant Gujarat Global Summit. Vibrant Gujarat Global Summit, conceptualised in 2003 under the visionary leadership of the then chief minister Modi, has today evolved as one of the most reputed global forums for business collaboration, knowledge sharing and strategic partnerships for inclusive growth and sustainable development, a statement issued by the Prime Minister's Office (PMO) said. On January 9, at around 9.30 am, Prime Minister Modi will arrive at Mahatma Mandir in Gandhinagar, where he will hold bilateral meetings with world leaders, followed by a meeting with CEOs of top global corporations. At around 3 pm, he will inaugurate Vibrant Gujarat Global Trade Show, the PMO said. On January 10, at around 9.45 am, Prime Minister Modi will inaugurate Vibrant Gujarat Global Summit 2024 at Mahatma ...

Azim Premji family office gets nod to bet abroad through GIFT City

Premji Invest and billionaire Narayana Murthy-backed Catamaran Ventures were among the first to seek approvals, according to the people

Tamil Nadu ropes in business tycoons to promote its industrial success

Through twin campaigns, the state showcases its robust biz climate

Gujarat govt issues guidelines for liquor law exemption rules in GIFT City

The rules further state that Recommending Officers will have to prepare a list of employees desiring to get LAP and send the list to the Authorised Officer

TMS Ep595: Alcohol in GIFT City, FMCG stocks, Amrit Bharat Express & more

Can alcohol lift GIFT City's spirits? Who were the top business personalities of 2023? Will rural distress continue to dent FMCG stocks in 2024? What is the Amrit Bharat Express? All answers here

LIC board clears proposal to setup branch office in Gujarat's GIFT City

Life Insurance Corporation of India (LIC) on Tuesday said its board has approved a proposal to set up a branch office in the International Financial Services Centre, GIFT City, Gandhinagar, Gujarat. The board on Tuesday approved the proposal to set up a branch office at IFSC, LIC said in a regulatory filing. LIC's presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business. At present, GIFT IFSC is the maiden international financial services centre in India. In an interview with PTI last month, LIC Chairman Siddhartha Mohanty had said "this will enhance our foreign operations". LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). Besides, it has subsidiaries in Life Insurance Corporation (International

Gujarat's GIFT City exempted from liquor ban, 'wine-and-dine' allowed

In an attempt to provide "global business ecosystem" at the Gujarat International Finance Tec-City (GIFT City), the Gujarat government on Friday lifted the ban on liquor in the area, exempting it from prohibition which is in place across the state. Being the state in which Mahatma Gandhi was born, the manufacture, storage, sale and consumption of alcoholic beverages have been banned in Gujarat since its formation. Such exemption had never been granted in any area of the state in the past. "GIFT City has emerged as a global financial and technological hub which is bustling with economic activities. An important decision has been taken on Friday to change rules to allow 'wine and dine' facilities in the GIFT City area to provide a global business ecosystem to global investors, technical experts and national and international companies," the state prohibition department said in a statement. "Under the new system, hotels, restaurants and clubs (existing and that will come up) in the GI

MUFG looking to expand India operations amid economic slowdown in China

Japan's largest lender has been building up its operations in India in recent years. In August last year, it opened a branch in the Gujarat International Finance Tec-City

Committee recommends route to direct listing at IFSC GIFT city: Report

The group also suggested that Indian mutual funds may be permitted to participate in direct listings at the IFSC up to a limit of 1% of their assets under management