Published On:June 4 2014
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Modi's GIFT City achieves Phase I financial closure for Rs. 1,157 cr.
Within a week of Narendra Modi taking oath as the Prime Minister, his mega-dream project, Gujarat International Finance Tec-City (GIFT City), recently, announced having achieved financial closure for its Phase I infrastructure development.
Being developed as India's only International Financial Services Centre (IFSC), GIFT City has been conceptualised as a global financial and IT services hub, designed to be at or above par with globally-benchmarked financial centres like those at Shinjuku (Tokyo), Lujiazui (Shanghai), La Defense (Paris) and London Dockyards.
It will also have a specialised university to offer world-class education and training in financial services. For this, the University of Liverpool, UK, is developing curricula in association with some American universities. 'We hope to launch this university in 2015-16,' said an official.
'The estimated cost of core infrastructure development in Phase I is Rs. 1,818 crore. A consortium of banks has agreed to provide us a loan of Rs. 1,157 crore. The balance Rs. 661 crore would come through equity and our internal accruals over the next three years,' Ramakant Jha, Managing Director and Group CEO, GIFT City Company Ltd, told Business Line recently.
The total infrastructure development cost would be Rs. 9,000 crore over the next 10 years. The project's power requirements will be 750 megawatt, of which 20 per cent will come from a captive power plant.