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Mumbai: Documents to float proposal for IFSC centre in BKC to be ready in couple of weeks

Maharashtra CM Devendra Fadnavis is hopeful that Mumbai will climb the rating chart once IFSC is ready in Bandra Kurla Complex.

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In the next couple of weeks documents to float Request for Proposal (RFP) for International Financial Services Centre (IFSC) in Bandra Kurla Complex would be ready. According to chief minister Devendra Fadnavis, IFSC is feasible and having two of them in close proximity is not a problem and can co-exist.

"On Thursday, we discussed RFP to prepare a master plan. In next two to three weeks, documents to be floated to prepare the master plan. There were many suggestions from the participants. More than 20 planners have showed interest in having IFSC in Mumbai," said Fadnavis.

ICICI Bank's chief executive officer Chanda Kochhar also had made a presentation on Thursday during the meeting in Mantralaya with the CM. "We even discussed the ISFC in other cities like Tokyo, London, Shanghai, etc.," said Swadheen Kshatriya, chief secretary of Maharashtra.

As per a study report on finance hubs spread out globally, Mumbai has been rated as 24th despite not having an IFSC.

Fadnavis is hopeful that the metropolis will climb the rating chart once IFSC is ready in Bandra Kurla Complex.

When asked about co-existence and feasibility of two such financial centres in close proximity, Fadnavis responded positively by stating, "Gujarat International Finance Tec-City (GIFT) and IFSC in Mumbai can co-exist, feasibility is not a problem. In London, they are located at different areas."

At the moment, GIFT is being constructed between Ahmedabad and Gandhinagar over an area of 358.55 hectares and will become a central business district. A total of 105.62 hectares from the overall area is being planned as a separate Special Economic Zone (SEZ). However, the legal framework for IFSC is likely to be clear only after a month. For having an IFSC, SEZ regulations are applicable, which the state wants the union government to relax. As per the SEZ norms, a minimum of 50 hectares is needed but in space starved Mumbai, IFSC is being planned on a 20 hectares of plot.

CM Fadnavis reiterated on Friday that alternative arrangements will have to be made for bullet train terminal. IFSC and Mumbai-Ahmedabad bullet train are planned on the same plot in Bandra Kurla Complex.

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