Gujarat finance tec-city to invite bids from international developers

The Gujarat International Finance Tec-City Company Limited (GIFTCL) has finalised plans to invite bids from international developers for developing four buildings in the ambitious GIFT City project.

"We will invite bids for development rights for four buildings - totaling two million sq ft space - in GIFT City in 10 - 15 days. We do not see any dearth of demand, and expect global developers to evince interest in the project," said RK Jha, director, GIFTCL, talking to reporters. He further said that they also want local companies to participate in the project.

Jha was speaking to reporters following signing of a memorandum of cooperation between GIFTCL and Singapore Cooperation Enterprises (SCE), an agency set up by Singapore government, to identify and promote investments in the project.

Jha said that work was on in full swing on two 29-storey commercial buildings in GIFT, and they were expected to be completed by December 2012. He said that work on one more building, in the SEZ, was expected to start by March 2012. "By March 2014, we are expecting around 10 - 15 buildings to be fully ready. Most of the infrastructure will also be in place by then," Jha said, adding that signing of the MoC was the beginning of increased cooperation between Gujarat and Singapore in GIFT project.

It will provide institutional framework to promote development of international financial services in GIFT by Singapore based government and private agencies.