IL&FS Sells Prime GIFT City Properties

29 Feb 2024 CW Team

GIFT City, envisioned as a global financial hub, has attracted significant attention from investors and corporations worldwide. It's designed to provide high-quality infrastructure, including state-of-the-art office spaces, to businesses, particularly in the financial and IT sectors. The sale of these properties by IL&FS is a significant event in the real estate market, potentially reshaping the landscape of GIFT City.

IL&FS's decision comes in the wake of a severe financial crisis that hit the conglomerate, leading to a series of defaults and sparking concerns about the stability of India's non-banking financial companies (NBFCs). The crisis prompted the government to intervene and restructure the company, including the sale of its assets to pay off its substantial debts.

The properties on sale are among the most coveted in GIFT City, known for their strategic location and state-of-the-art facilities. They are expected to attract a range of buyers, from large corporations looking for premium office space to real estate investors seeking lucrative opportunities in a growing financial hub.

This sale is not just a financial transaction but a reflection of the changing dynamics in India's real estate sector. It underscores the challenges faced by large infrastructure companies in managing their debt and the importance of asset liquidation in such scenarios. Moreover, it highlights the growing interest in GIFT City as a destination for financial and IT companies, both domestic and international.

The outcome of this sale will be closely watched by industry experts and investors, as it could set a precedent for similar transactions in the future. It also raises questions about the future of IL&FS and its role in India's infrastructure development. As the company navigates through its financial troubles, its actions will have far-reaching implications for the Indian economy, particularly in the infrastructure and real estate sectors.

Infrastructure Leasing & Financial Services (IL&FS), a major player in India's infrastructure development, has made headlines with its decision to sell over 5.4 lakh square feet of office properties in Gujarat International Finance Tec-City (GIFT City). This move is part of IL&FS's larger strategy to alleviate its financial strain through the liquidation of assets. GIFT City, envisioned as a global financial hub, has attracted significant attention from investors and corporations worldwide. It's designed to provide high-quality infrastructure, including state-of-the-art office spaces, to businesses, particularly in the financial and IT sectors. The sale of these properties by IL&FS is a significant event in the real estate market, potentially reshaping the landscape of GIFT City. IL&FS's decision comes in the wake of a severe financial crisis that hit the conglomerate, leading to a series of defaults and sparking concerns about the stability of India's non-banking financial companies (NBFCs). The crisis prompted the government to intervene and restructure the company, including the sale of its assets to pay off its substantial debts. The properties on sale are among the most coveted in GIFT City, known for their strategic location and state-of-the-art facilities. They are expected to attract a range of buyers, from large corporations looking for premium office space to real estate investors seeking lucrative opportunities in a growing financial hub. This sale is not just a financial transaction but a reflection of the changing dynamics in India's real estate sector. It underscores the challenges faced by large infrastructure companies in managing their debt and the importance of asset liquidation in such scenarios. Moreover, it highlights the growing interest in GIFT City as a destination for financial and IT companies, both domestic and international. The outcome of this sale will be closely watched by industry experts and investors, as it could set a precedent for similar transactions in the future. It also raises questions about the future of IL&FS and its role in India's infrastructure development. As the company navigates through its financial troubles, its actions will have far-reaching implications for the Indian economy, particularly in the infrastructure and real estate sectors.

Infrastructure Urban

07 Nov 2025

Welspun Enterprises Wins 910 MLD Panjrapur WTP Contract

Welspun Enterprises (WEL), the infrastructure and energy arm of Welspun World, has secured a major contract from the Brihanmumbai Municipal Corporation (BMC) to design, build and operate a 910 million litres per day (MLD) Water Treatment Plant (WTP) at Panjrapur, Maharashtra.Valued at approximately Rs 31.45 billion, the project encompasses end-to-end civil, mechanical, electrical and instrumentation works, including the construction of a treated water sump and pumping station. Of the total value, nearly Rs 11.56 billion is allocated to Operations & Maintenance (O&M), with an additional..

Infrastructure Energy

07 Nov 2025

Mitsubishi Power Wins Boiler Upgrade Contract for O Mon 1 Plant

Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, (MHI), has been awarded a contract to support the oil-to-natural-gas fuel conversion at the O Mon 1 Thermal Power Plant in Can Tho, southern Vietnam. As the OEM of the plant’s existing boiler, Mitsubishi Power will supply key equipment—including new gas burners—and implement a selective catalytic reduction (SCR) system to reduce NOx emissions and help the plant meet stricter environmental standards.The O Mon 1 facility includes two 330 MW units that commenced operations in 2009 and 2015, with all major equipment or..

Equipment

07 Nov 2025

Liebherr’s 10,000th XPower Wheel Loader Joins BERGER’s Fleet

BERGER Rohstoffe GmbH has welcomed the 10,000th Liebherr XPower wheel loader to its operations at the Schlag granite quarry in Passau. The milestone machine, officially handed over at Liebherr’s Bischofshofen plant in May 2025, underscores the long-standing partnership between BERGER, Liebherr, and the Beutlhauser Group. Equipped with Liebherr’s signature power-split travel drive, the new L 580 XPower is already delivering strong results under demanding quarry conditions.At the Schlag quarry, BERGER Rohstoffe processes approximately 200,000 tonnes of Bayerwald granite annually into high-qu..