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GIFT City achieves financial closure for Phase 1

img_0066Gujarat International Finance Tec-City (GIFT City) has achieved financial closure for its Phase I infrastructure development, the company said in a release. 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. The University of Liverpool, UK, is developing curricula in association with some American universities. Ramakant Jha, MD and Group CEO, GIFT City, said the estimated cost of core infrastructure development in Phase I is Rs 1,818 crore. A consortium of banks has agreed to provide a loan of Rs 1,157 crore. The balance Rs 661 crore would come through equity and internal accruals over the next three years. The total infrastructure development cost would be Rs 9,000 crore over the next 10 years. The debt requirement for developing Phase I infrastructure has been tied up with a consortium of banks led by Syndicate Bank, and including Bank of India, Bank of Baroda, Punjab & Sindh Bank and Corporation Bank. These funds will be utilised to develop road network, district cooling system, automated solid waste management system, utility tunnel, smart ICT, master balancing reservoir, waste and sewerage treatment plant and power distribution.

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