The State Bank of India will set up a commercial tower spread over 2 lakh sq ft at an estimated investment of Rs 150 c rore at the GIFT City in Ahmedabad. The state government of Gujarat is developing the state-of-the-art Gujarat International Finance Tec-City (GIFT CIty) in the state capital to serve as a global financial hub, which would be the only International Financial Services Center (IFSC) in India. Being developed on an integrated concept with ultra modern infrastructure, GIFT is rapidly emerging as a favored destination for setting up operations of various financial institutions. Out of planned development of 13 million sq ft of BUA in the Phase – 1, around 10 million sq ft of BUA has already been allotted for commercial, residential and social facilities. Recently the state government organized a national summit, ‘Financial Services – A Key Driver for Economic Growth’ in association with the Federation of Indian Chamber of Commerce & Industry (FICCI), Indian Merchant Chambers (IMC) & GIFT. On the occasion, chief minister Narendra Modi held a special round table discussion with chairmen & managing directors of banks, insurance and other financial services companies, from public, private and foreign sectors, to take their views on the development of a Global Financial Hub in India. Modi also handed over letters of allotment for various key facilities coming up at GIFT City like, World Trade Centre (WTC), SBI Commercial Tower, Tier IV Data Centre, Skill Development & Training Centre and an Outsourcing Centre for foreign markets in GIFT SEZ. SBI will develop commercial facilities in GIFT city to support its international and domestic operations.