The construction work for Gujarat International Finance Tec-City (GIFT), the state government’s ambitious project to create India’s largest financial services hub, will start by this year-end as the building concept designs will be completed by November.

K Srinivas, Director, GIFT Company Limited, said this while addressing the Indo-American Chamber of Commerce (IACC) in Ahmedabad on Saturday.

He said, “The GIFT (project) has been cleared under a special scheme by the Securities and Exchange Board of India (SEBI). The scheme provides asset ownership to GIFT’s occupants by converting it into tradable units. These units will then be listed on the stock markets, for the general public to trade in them.” This will ensure that the entire city is owned by the people, and not by a private enterprise.

Srinivas also said the talks with a South Korean telecom major to provide the Information and Communication Technology network in the entire GIFT are in its final stages. “Though I can’t reveal the name (of the company) as yet, but the company will implement the master plan prepared by our consultant company British Telecom.”

Meanwhile, the Gujarat government has also recently signed a Memorandum of Understanding (MoU) with Cisco, a worldwide leader in Internet Protocol (IP)-based networking solutions. According to the MoU, Cisco will invest in the GIFT along with providing a range of products, services, platforms and partners.

Srinivas said, “Cisco will also migrate some of its clients to the GIFT, as per the signed agreement.”

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