+
 Gujarat govt picks GIDC, GMB as equity partners for GIFTCL
SMART CITIES

Gujarat govt picks GIDC, GMB as equity partners for GIFTCL

The Gujarat government has roped in two state government-owned entities with a proven track record in the development of infrastructure as equity partners in the company after the debt-ridden Infrastructure Leasing & Finance Services (IL&FS) exited from Gujarat International Finance Tec-City Co Ltd (GIFTCL) last year.

The government has excluded the option of bringing a private entity on board in the process.

A nodal agency developing industrial estates, Gujarat Industrial Development Corporation (GIDC), owns about 20% stake in GIFTCL currently, while the regulator for all non-major ports and port-led development in the state, Gujarat Maritime Board (GMB), picked up 20% equity stake recently.

The government introduced equity to the tune of around Rs 425 crore to strengthen the base further, and it was after IL&FS completed the sale of its 50% stake in GIFTCL to the Gujarat government, represented by Gujarat Urban Development Company Ltd, which holds the remaining stake. As equity value for shares as sale consideration, IL&FS received Rs 32.71 crore last year.

The overall paid-up capital was around Rs 65.40 crore for GIFTCL a year ago, and currently, it increased to around Rs 490 crore.

An official of GIFTCL told the media that GMB and GIDC have invested Rs 100 crore each for a 20% stake each while GUDC has introduced new equity to the tune of Rs 225 crore, thereby holding around 60% stake in GIFTCL.

It accommodates the country’s first International Finance Service Centre (IFSC), which has captivated leading domestic and international players across the spectrum of financial services, ranging from asset management companies, professional services firms, banks and alternate investment funds since its establishment in 2015.

A senior government official told the media that GIFT City is on a strong pedestal today with GMB and GIDC as equity partners after the exit of IL&FS, which indicates that the government is not considering a partnership with any private entity anytime soon. From the time when the officials of GIFT City were reaching out to companies, they reached a stage today where companies come calling to GIFT City to set up businesses.

Image Source


Also read: Report says Kerala govt can go ahead with GIFT City project

Also read: India’s first Maritime Cluster to be established in Gujarat

The Gujarat government has roped in two state government-owned entities with a proven track record in the development of infrastructure as equity partners in the company after the debt-ridden Infrastructure Leasing & Finance Services (IL&FS) exited from Gujarat International Finance Tec-City Co Ltd (GIFTCL) last year. The government has excluded the option of bringing a private entity on board in the process. A nodal agency developing industrial estates, Gujarat Industrial Development Corporation (GIDC), owns about 20% stake in GIFTCL currently, while the regulator for all non-major ports and port-led development in the state, Gujarat Maritime Board (GMB), picked up 20% equity stake recently. The government introduced equity to the tune of around Rs 425 crore to strengthen the base further, and it was after IL&FS completed the sale of its 50% stake in GIFTCL to the Gujarat government, represented by Gujarat Urban Development Company Ltd, which holds the remaining stake. As equity value for shares as sale consideration, IL&FS received Rs 32.71 crore last year. The overall paid-up capital was around Rs 65.40 crore for GIFTCL a year ago, and currently, it increased to around Rs 490 crore. An official of GIFTCL told the media that GMB and GIDC have invested Rs 100 crore each for a 20% stake each while GUDC has introduced new equity to the tune of Rs 225 crore, thereby holding around 60% stake in GIFTCL. It accommodates the country’s first International Finance Service Centre (IFSC), which has captivated leading domestic and international players across the spectrum of financial services, ranging from asset management companies, professional services firms, banks and alternate investment funds since its establishment in 2015. A senior government official told the media that GIFT City is on a strong pedestal today with GMB and GIDC as equity partners after the exit of IL&FS, which indicates that the government is not considering a partnership with any private entity anytime soon. From the time when the officials of GIFT City were reaching out to companies, they reached a stage today where companies come calling to GIFT City to set up businesses. Image Source Also read: Report says Kerala govt can go ahead with GIFT City project Also read: India’s first Maritime Cluster to be established in Gujarat

Next Story
Real Estate

Heena Lalwani Buys Rs 1.13 Billion Juhu Apartment

Heena Lalwani, promoter of Aatman Innovations Private Limited, has purchased a luxury apartment worth Rs 1.13 billion in Mumbai’s upscale Juhu locality, according to property registration documents accessed by Zapkey.com.The 9,862 sq ft apartment, located on the 10th floor of Lodha Developers’ Avalon Tower, was acquired at Rs 115,000 per sq ft and comes with five car parking spaces. The deal, registered on 18 August 2025, also included the payment of Rs 68 million in stamp duty and a Rs 30,000 registration fee.Lodha Developers did not respond to queries regarding the transaction, while the..

Next Story
Real Estate

Godrej Buys KPHB Land for Rs 7 Billion in E-Auction

An acre of prime land in Kukatpally Housing Board (KPHB), Hyderabad, was auctioned for Rs 7 billion, with the Telangana Housing Board generating Rs 5.47 billion from the sale of 7.8 acres through e-auction on 20 August 2025.The auction notification was issued last month, attracting bids from Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders, according to Board vice-chairman V.P. Gautham. With an offset price of Rs 4 billion per acre, the three-hour auction saw 46 bid increases, before Godrej Properties acquired the land.Revenue generated from the auction will be utilis..

Next Story
Real Estate

HMDA to Auction 93 Prime Plots in September

The Hyderabad Metropolitan Development Authority (HMDA) is preparing to conduct a three-day auction of prime open plots across Hyderabad, Rangareddy, and Medchal-Malkajgiri districts this September.According to official reports, the e-auction will take place on 17, 18, and 19 September, offering 93 plots. Of these, 70 are located in the Bachupally HMDA layout, with the remainder spread across Turkayamjal, Kokapet, Poppalguda, Chandanagar, Bairagiguda, Gandi Maisamma, Suraram, Medipally, and Bachupally village.The highest upset price has been fixed at Rs 175,000 per square yard for a land parce..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?