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GIFT Phase I to be ready by 2010

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Express news service

Posted: Jan 12, 2008 at 0123 hrs IST

Gandhinagar, January 11 The first phase of the government's ambitious Gujarat International Finance Tech-City (GIFT) project coming up on the sprawling 500 acres of land near Gandhinagar is expected to be completed by 2010. The project was conceived by Chief Minister Narendra Modi last year in a bid to establish Gujarat as a "global financial services center".

At a meeting called by Modi in Gandhinagar to review the progress on the project, Gift chairman Sudhir Mankad informed the CM that a comprehensive master plan prepared for the implementation of the project with the help of internationally-reputed advisors and experts had already obtained an in-principle approval from the Gandhinagar Urban Development Authority (GUDA).

Mankad also informed the review meeting that GUDA was notified as a single-window clearance house for construction of all the 319 high-rise buildings proposed to come up under the GIFT project. The Centre has already accorded the SEZ status to this ambitious project.

Giving details of the project, Mankad told The Indian Express on Friday that with the Centre's nod for the GIFT SEZ having been obtained, efforts would be made to complete an environmental study of the project at the earliest.

When completed, the project is expected to generate about five lakh direct and another five lakh indirect employment for the youths.

The GIFT chairman, who recently retired as the State Chief Secretary, said as many as 14 companies (both from India and abroad) had already inked MoU with the government to set up their shops in this project being developed in public-private partnership. Besides, seven other world-renowned companies, including the Hong Kong-based Progress Architectural Design Ltd and Korea-based Sambawang Engineering and Construction Private Ltd, have expressed their intent to participate in the project, Mankad said.

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