City Gift Financial News

It is an unprecedented move that is likely to open the flood gates for infusion of fresh funds by foreigners into India’s stock market. One of India’s leading asset management companies (AMCs)—HDFC AMC has secured approval to start six feeder funds in GIFT City (IFSC) that will in turn invest in its domestic mutual fund (MF) schemes. The feeder funds will be structured as Category III AIFs, or alternative investment funds.

Infibeam Avenues has appointed Rajesh Kumar SA as the chief executive officer (CEO) of its artificial intelligence (AI) business, Phronetic.AI. As CEO, he will be spearheading the expansion and elevation of Phronetic.AI under the leadership of Vishal Mehta, chairman and managing director of AI-powered-Infibeam Avenues.

Gujarat Global Summit, Finance Minister Nirmala Sitharaman provided a comprehensive overview of the current financial ecosystem within the Gujarat International Finance Tec-City (GIFT City). Emphasizing the city's strategic importance, the Minister highlighted the significant presence of various financial entities and the thriving derivatives market. Sitharaman said, «There are now three exchanges, twenty-six banks, and twenty-six aircraft lessors in the IFSC. The GIFT City is required to host the offices of aircraft firms.

Indian companies to list directly on foreign stock exchanges, a senior Nasdaq executive said. Indian companies are currently not allowed to list their shares directly on overseas markets, but global investors and top Indian startups have been calling for this to change. Allowing Indian companies to list abroad on exchanges like Nasdaq will give them wider access to capital, Nasdaq's Executive Vice Chairman Edward Knight said in an interview.

NEW DELHI : ONGC Videsh Ltd has incorporated a wholly owned subsidiary called OVL Overseas IFSC Ltd in Gujarat’s GIFT City that will function as a treasury hub catering to OVL and its 25 subsidiaries, including step-down subsidiaries, across 15 countries. “... OOIL expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million metric tonnes oil and oil equivalent (MMToe) by 2040 from overseas assets," ONGC Videsh said in a statement on Wednesday.

Paytm, has announced an investment of Rs 100 crore in Gujarat International Finance Tec-City (GIFT City). The company will make the investment over a period of time and will seek requisite approvals for the same, it informed the exchanges on Wednesday.

₹100 crore in Gujarat International Finance Tec-City (GIFT City), aiming to build a global financial ecosystem, on January 10, 2023. This move comes ahead of the Vibrant Gujarat Global Summit 2024 and signifies Paytm's ambition to expand beyond its domestic market, as per an exchange filing. Leveraging GIFT City's infrastructure, Paytm plans to develop faster and cheaper cross-border remittance solutions powered by artificial intelligence.

MUMBAI , NEW DELHI : Businesses looking to open shop in Gujarat’s Gift City are struggling for office space, as the demand for real estate has far outstripped supply in the special economic zone (SEZ). Companies are staring at wait times of several months to a few years before new office space opens up for leasing, multiple real estate executives, consultants and business owners said. They also said monthly office rentals have more than doubled from ₹40-50 per square foot two years ago to around ₹90-120 per sq.

Narendra Modi and visiting United Arab Emirates (UAE) President Mohammed bin Zayed Al Nahyan held a roadshow in Ahmedabad on Tuesday evening ahead of the Vibrant Gujarat Global Summit scheduled to be inaugurated in Gandhinagar on Wednesday Before the roadshow, Prime Minister Narendra Modi -- who is on a visit to his home state to participate in the Vibrant Gujarat Summit--welcomed the UAE president at the Sardar Vallabhbhai Patel International Airport. Besides, PM Modi, Gujarat Chief Minister Bhupendra Patel, External Affairs Minister S Jaishankar, National Security Advisor Ajit Doval, Foreign Secretary Vinay Mohan Kwatra and some other senior officials of the state were present at the airport to welcome the UAE president. The UAE President was accorded a ceremonial guard of honour upon his arrival.

ALSO READ: Vibrant Gujarat Global Summit 2024 to be inaugurated by PM Modi: 10 key highlights UAE President Sheikh Mohamed bin Zayed Al Nahyan is among the special guests who will attend the Summit. He is in Ahmedabad and will attend the Summit. Among the global leaders to attend the Summit include Australian High Commissioner Philip Green, Malta High Commissioner Reuben Gauci, Ambassador of Netherlands to India Marisa Gerards, President of Timor-Leste José Ramos-Horta, Ambassador of Japan to India Hiroshi Suzuki, Thai envoy to India Pattarat Hongtong, and others.

Gujarat Chief Minister Bhupendra Patel has said his government has set a target to contribute 10 per cent to India's GDP and become a USD 500 billion economy by 2026-27. At present, Gujarat, with five per cent the country's population, contributes 8.3 per cent to the national Gross Domestic Product (GDP) and in the previous year, the state accounted for 33 per cent of India's total merchandise exports, Patel said in an email interview to PTI ahead of the 10th Vibrant Gujarat Global Summit, to be inaugurated by Prime Minister Narendra Modi on Wednesday.

NEW DELHI : Mutual funds may get to invest in companies traded in Gujarat’s Gift City exchanges beyond the normal cap that applies for their overseas investments. The move comes at a time the government is opening up the special economic zone for direct listing of Indian firms. A 16-member expert panel appointed by the International Financial Services Centres Authority (IFSCA) last week recommended a special carve-out for mutual funds wanting to invest in Gift City.

Narendra Modi will visit Gujarat from January 8-10 during which he will hold bilateral meetings with world leaders, CEOs of top global corporations, and inaugurate the Vibrant Gujarat Global Summit. Vibrant Gujarat Global Summit, conceptualised in 2003 under the visionary leadership of the then chief minister Modi, has today evolved as one of the most reputed global forums for business collaboration, knowledge sharing and strategic partnerships for inclusive growth and sustainable development, a statement issued by the Prime Minister's Office (PMO) said. On January 9, at around 9.30 am, Prime Minister Modi will arrive at Mahatma Mandir in Gandhinagar, where he will hold bilateral meetings with world leaders, followed by a meeting with CEOs of top global corporations. At around 3 pm, he will inaugurate Vibrant Gujarat Global Trade Show, the PMO said. On January 10, at around 9.45 am, Prime Minister Modi will inaugurate Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar. Thereafter, he will hold a meeting with CEOs of top global corporations. The Prime Minister will then travel to GIFT City where, at around 5.15 pm, he will interact with prominent business leaders in the Global FinTech Leadership Forum. The Tenth edition of Vibrant Gujarat Global Summit is being held from January 10 to 12, 2024 in Gandhinagar, Gujarat. Its theme is 'Gateway to the Future'.

₹2,300 crore. Singapore and its companies will strengthen economic cooperation with the state of Gujarat. This will be through expanded investments in Gujarat's green economy and sustainability sector.

capital overseas, raising hope for the nation’s wealthy as they wait for clarifications from regulators to make similar moves. Premji Invest has received an in-principle approval to set up a so-called family investment fund at Gujarat International Finance Tec-City, also known as GIFT City based in Prime Minister Narendra Modi’s home state, according to people familiar with the matter. Dozens of applications for FIFs that allow families to make investments across various asset classes and instruments offshore, are still pending, said the people, asking not to be identified discussing a private matter.

PTI. Liquor permits are granted to individuals by the health department only if the area medical board issues a certificate.

defamation case by a Surat court that triggered the Congress leader's legal fight for the restoration of his Lok Sabha membership, and Biparjoy cyclone leaving a trail of destruction were two key developments that took place in Gujarat in 2023. The year also gave several reasons for the residents of Gujarat to cheer with the inclusion of the state's traditional dance form Garba in the list of Intangible Cultural Heritage by UNESCO, inauguration of the Surat Diamond Bourse and two Australia-based universities setting up their campuses in Gandhinagar-based GIFT City among other things. On March 23, the court in Surat sentenced Rahul Gandhi to two years in jail in the defamation case filed against him over his «Modi surname» remark.

Gujarat lifts liquor ban in GIFT city: Netizens say ‘don't have to go to…' Besides, the seminar aims to facilitate an exchange of ideas among major stakeholders, shaping the trajectory of Gujarat's progress for the years to come. Further, the official said that the the session will foster collaborative deliberations across various themes and chapters, engaging global industry stakeholders, experts, and influential players.

Gujarat government's decision to allow liquor in GIFT City and called it a progressive and bold step that will attract major companies and quality workforce to the area. The state government on Friday lifted the ban on liquor in the Gujarat International Finance Tec-City with the aim of providing it with a «global ecosystem.» Jaxay Shah, CMD of Savvy Group, an Ahmedabad-based firm with a construction area of 4 million square feet in GIFT City, said, «It is a historical, progressive and bold step. GIFT City was competing in terms of infrastructure and was at par or even ahead of many international financial cities in the world.

Gujarat government on Friday announced that in an attempt to provide "global business ecosystem" at the Gujarat International Finance Tec-City (GIFT City), the ban on liquor has been lifted in this area. Notably, Gujarat is a ‘dry state’. "GIFT City has emerged as a global financial and technological hub which is bustling with economic activities.

Gujarat Gujarat International Finance Tec-City (GIFT City) by the state government has drawn sharp criticism from opposition Congress. Congress President Shaktisinh Gohil in a late night video message called this an attempt to relax prohibition in Gujarat through the backdoor. It may be mentioned here that one Friday, Gujarat Government declared that the employees of the GIFT City as well as authorised visitors to the companies within GIFT City will be lawed to consume alcohol in designated areas in a bid to facilitate “wine and dine” services offered by the restaurants. However the restaurants will not be allowed to sell liquor bottles, the government added. Gohil said that Gujarat has retained good law and order due to prohibition and it is because of prohibition that women can move on the streets late in the night.