Page 8 - Gift City

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

PM Modi seeks to revive hinterland finance hub GIFT city with new breaks

Modi last weekend addressed an investment conference in the city to breathe life back into the site, calling for it to become a "new age financial services and technology nerve center"

Expecting direct listing of cos in GIFT City by April 2024: IFSCA chief

The industry players say that the new avenue will help startups and unlisted companies access global capital

LIC intends to set up office in GIFT City during this financial year

Life Insurance Corporation (LIC) is planning to open office in GIFT International Financial Services Centre Gandhinagar (Gujarat) during the current fiscal to further its overseas business. 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. "We are going to open our branch very soon in the GIFT City. It should happen during the current financial year itself. This will enhance our foreign operations," LIC Chairman Siddhartha Mohanty told PTI in an interview. He said 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) Bahrain, Life Insurance Corporation (Nepal) Ltd, Life Insurance Corporation (Lanka) Ltd, Life Insur

GIFT City gears up for direct listings, re-insurance in next growth phase

The first phase followed the creation in 2020 of a new regulator, the International Financial Services Authority, which outlined an ambition to create a welcoming place

DSP AMC initiates ops in GIFT City; Union AMC launches Children's Fund

The new fund offering (NFO) will close for subscription on December 12, 2023 and will reopen for sale and repurchase within 5 business days from allotment

Two Japanese banks set to start operations in GIFT City: IFSCA chief

Two more Japanese banks are set to join 10 foreign and 16 local banks in the tax-free GIFT City, where more than 550 businesses with assets worth USD 47 billion have registered and begun operations, an official said.. This marks a significant expansion of the GIFT City's financial sector, which is expected to play a key role in India's economic growth, International Financial Services Centres Authority (IFSCA) chairman K Rajaraman said here. We also want Indian origin funds and businesses that are located in tax-free jurisdictions to return home and be part of the growing GIFT City hub, said Rajaraman, giving this update on the Ahmedabad-based city free trade zone, where ease of doing business procedures, processes and laws have become a benchmark for international standards. IFSCA is the regulatory body for the Indian special economic zones such as the GIFT City. Rajaraman said his recent delegation to Tokyo has resulted in two Japanese banks registering in the GIFT City, and more

Indian companies await more govt action on direct overseas listing

The move follows remarks made by the Finance Minister, Nirmala Sitharaman, in September on permitting Indian companies to undertake "direct foreign listings"