Page 6 - Gift City

Next big reform in Indian insurance will be indemnity cover for shipping

Amendment to have such a facility could be part of new government's early legislative agenda

TV Mohandas Pai to chair panel to boost direct listing at Gift City

The committee will also advise on scaling global debt market in Gift City

ADB approves $23 mn loan to boost fintech education, research in Gujarat

The Asian Development Bank (ADB) on Thursday said it has approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India. GIFT is a state-owned enterprise established to promote and cultivate fintech ecosystems and financial services in India. It is the country's first international financial services centre and has become a fast-growing area for helping and developing local startups. "The development of India's fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future," ADB economist Kanupriya Gupta said. "ADB's assistance will help strengthen the country's fintech education to ensure that digital and financial services become more efficient and accessible in the future," he added. In a statement, ADB said the project will construct an inclusive, sustainable, and climate-resilient International Fintech Institut

'IFSCA to set up int'l arbitration centre at IFSC for dispute resolution'

The International Financial Services Centres Authority (IFSCA) is "on the job" to set up an international arbitration centre at the IFSC, Gandhinagar, to speed up dispute resolution, its chairman K Rajaraman said on Wednesday. Finance Minister Nirmala Sitharaman in her Budget speech in 2022 announced setting up of an international arbitration centre at Gujarat International Finance Tec-City (GIFT City). Currently, GIFT-IFSC is the maiden international financial services centre in India. "The proposal is under consideration of the government...we are already on the job", he said at an event organised by the PHD Chamber of Commerce and Industry. The centre could be on the lines of the Singapore International Arbitration Centre, or the London Commercial Arbitration Centre. Asked if crypto currency is allowed in IFSC, Rajaraman said it is not permitted as it is not a safe financial product. However, he said, IFSCA is working on tokenisation of real world assets and the regulator is .

Colliers to construct Infibeam Avenues' $10 mn AI, tech hub in Ahmedabad

The AI hub will be established within GIFT City, Gujarat, with the Ahmedabad campus serving as an extension, slated to be operational within 18 months

UAE wealth fund plans $4-5 billion in investments via India's GIFT city

Trade between India and the UAE totalled $85 billion for the financial year ending March 2023, according to Indian government data

Raise standards

The higher education sector needs further improvements

Issuers in wait-and-watch mode for overseas listing at GIFT City

Issuers will wait for ecosystem to develop further before firming up listing plans

Govt approval required for IFSC listings of cos from bordering nations

The rules lay out how companies can list their shares in the International Financial Services Centre (IFSC) housed in the Gujarat International Financial Tech City (GIFT)

Book-keeping, accounting, taxation added as financial services in IFSC

With the inclusion, entities registered with the IFSC Authority will be able to provide these services to non-residents while operating from 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