City Gift Financial News

Sumitomo Mitsui Banking Corporation (SMBC), Japan's second largest bank by assets, has closed a $120 million aircraft financing loan to Air India to help it purchase of an A350-900 aircraft delivered by Airbus. SMBC was the sole bank in the transaction and the transaction was orchestrated with the assistance of Air India’s wholly owned subsidiary in Gujarat International Finance Tec-City (GIFT City), AI Fleet Services Ltd, the bank said. SMBC Singapore branch was involved in the transaction. The aircraft purchase was part of Air India’s order of 470 aircrafts placed earlier this year. «Through an innovative GIFT City structure, we have successfully completed this aircraft secured debt facility amid a fast-growing Indian market, marking the bank’s first aircraft finance lease transaction of its kind,» said Hiroyuki Mesaki, country head, SMBC India. Nipun Aggarwal, chief commercial officer at Air India said the A350-900 aircraft is among the first deliveries of the Tata Group's large aircraft order.

₹12,370 crore to a staggering ₹7.5trillion by end FY23. This growth trajectory has been anchored by the Alternative Investment Fund (AIF) guidelines introduced in 2012, which standardized the industry across various categories and led to an impressive ₹7.6 trillion in cumulative commitments by mid-2023.

Over the past decade, India has been one of the fastest growing economies in the world and is becoming the most sought after investment destination for foreign investors. The GIFT International Financial Services Centre in Gujarat is a step in the direction of attracting higher foreign capital. Abhishek Bansal, Chairman, Abans Group believes that aligning policies and regulations with international standards, is one of the essential aspects to drive investments. “One crucial aspect for enhancing foreign investors’ interest in GIFT City is achieving goal congruence between national regulatory agencies and the GIFT regulator,” says Bansal. Such an approach ensures investor-friendly policies that meet global expectations and foster confidence and interest among foreign investors in GIFT City, he said. Edited excerpts: Notwithstanding certain regulatory hiccups, the last couple of years has been quite good for the AIF industry. Can you share some of the trends to watch out for the segment in 2024? Over the past years, the AIF industry in India has defied regulatory challenges, witnessing significant growth. Investors, including institutions and high-net-worth individuals, are increasingly drawn to alternative investments, seeking diversification beyond traditional assets. Sector-specific funds focusing on areas like technology and healthcare have gained popularity, offering targeted exposure and potential high returns.

Gujarat International Finance Tec-City (GIFT) to over 3,300 acres along with vibrant social infrastructure from current 886 acres is in the final stages of completion and is likely to be submitted by Gift Urban Development Authority to the Gujarat government’s Urban Development Department in the next few weeks. The second phase development plan with town planning schemes around the GIFT City is expected to be unveiled after the state government’s review and feedback from the public as per the statutory requirements. The development plan is expected to further the efforts to develop GIFT City, counted amongst Prime Minister Narendra Modi’s dream projects, in a global financial activity hub. «The expansion of GIFT City limits, the riverfront development, and the upcoming metro connectivity are pivotal steps in our journey toward an integrated and thriving metropolis.

Gandhinagar: India is aiming to achieve the $2 trillion export target by 2030 and in the process it is moving this industry out of the government support to make it self-sustaining and cost competitive, Union minister Piyush Goyal said on Saturday. Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), he said the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India's export-led growth.

Narendra Modi on Saturday said India's GDP growth of 7.7 per cent in the first six months of the current fiscal year is a reflection of the country's strengthening economy and the transformative reforms carried out in the last 10 years. Addressing the 'Infinity Forum 2.0' conference at the GIFT City here via video link, Modi said his government wants to turn the Gujarat International Finance Tec (GIFT) City into a global nerve centre of the new age of global financial and technology services. «In the first six months of this financial year, India has achieved a GDP growth of 7.7 per cent...Today, the entire world has pinned its hopes on India, and this did not happen just on its own.

Narendra Modi hailed India's robust economic growth, speaking at the 'Infinity Forum 2.0' conference at GIFT City via video link, he emphasised the pivotal role of transformative reforms conducted over the past decade in fostering this progress. 1. Modi hailed India's growth, citing a GDP surge of 7.7 percent in the initial half of the fiscal year as evidence of the nation's burgeoning economy.

PSP Projects gained around two per cent on Thursday, December 7, after the construction company bagged an order worth ₹101.67 crore for a project at GIFT City at Gandhinagar in Gujarat. In a filing to the stock exchanges, the construction company said that the Gujarat Biotechnology Research Centre (GBRC) at GIFT City in Gandhinagar, Gujarat, has awarded the company a work order worth ₹101.67 crore under the Government category.

Narendra Modi is scheduled to address the second edition of the prominent Financial Technology event, Infinity Forum 2.0, on December 9, 2023, according to an official release. As per the statement, the event is hosted by the International Financial Services Centres Authority (IFSCA) and GIFT City, under the aegis of the Government of India.

The first phase followed the creation in 2020 of a new regulator, the International Financial Services Authority, which outlined an ambition to create a welcoming place where India-centric trading that’s moved to Dubai, Mauritius or Singapore can return home. K Rajaraman, who took charge as chairman of the IFSCA in August, spoke with Bloomberg News about the outlook for GIFT City. The interview is lightly edited for clarity: How has GIFT developed since the creation of the IFSCA? GIFT City started in 2007 as a completely greenfield experiment when PM Modi was the chief minister of the state of Gujarat. In 2020 the government created the IFSCA as a unified regulator.

IIFL Finance on Wednesday raised $50 million in three-year external commercial borrowing (ECB) from Japan's Mizuho Bank. The loan, priced at 120 basis points over Tokyo overnight average rate (Tonar), will be used for onward retail lending. One basis point is 0.01 percentage point. Tonar is at a negative 0.1%.

Parthiv Thakkar Indian citizens have many options for investing abroad. For one, they can put their money in mutual funds that invest outside of India. The advantage is ease of transaction but taxation is at slab rate for those in high tax slabs.

Singapore-based Fintech BondEvalue Pte. Ltd. has added new investor Beacon Venture Capital, the corporate venture arm of Thailand’s Kasikornbank, to its cap table as part of a US$6m Series B round, according to official announcement. Beacon Venture Capital joins existing shareholders MassMutual Ventures and Citigroup who also participated in the round. 

Europe and the United States are heading back to India where the economy is growing and opportunities are large, Saurabh Srivastava, the former NASSCOM chairman, has said. «Today, more and more Indian entrepreneurs are heading back to India from Europe and the US have achieved success in those markets,» Srivastava, the co-founder of the National Association of Software and Services Company (NASSCOM), said on the sidelines of Singapore Fintech Festival from November 15-17 here.

Air India and reflects the airline's commitment to offering a modern and visually appealing experience for passengers. The Tata Group-owned airline has ordered six A350-900 planes and five of them are scheduled for delivery through March 2024. On September 29, Air India said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City.

Mumbai, India – Spacenet Enterprises India Limited (NSE: SPCENET), following its strategic investment in BillMart.com, a Mumbai-based bill discounting fintech platform, has boldly positioned itself at the forefront of innovation with a strategic acquisition poised to reshape the landscape of digital entertainment. In a game-changing move, the company has secured a significant stake in String Metaverse Limited, a cutting-edge Web3.0, Esports, Real Money Games, Casual Games platform that promises to redefine the future of interactive entertainment.

The government’s decision to permit direct overseas listing of some Indian entities might need more follow-up action since the latest measures will not drive local firms to chalk out foreign listing plans, reported Business Standard quoting experts.

reported that the union government is planning to allow Indian companies to list overseas directly. Speaking at an event in Mumbai, the finance minister Nirmala Sitharaman said the government has decided to allow companies to list at the International Financial Services Center (IFSC) GIFT City to start with before expanding this to other countries.

Moneycontrol IFSCA chairperson K Rajaraman, speaking to Moneycontrol during the Asia Securities Forum AGM in Mumbai, shared, "It is currently awaiting the PMO approval and could be out anytime soon. Recommendations by the working group, coordinating with the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI), will also be out in 10–15 days. Then, we can make the necessary amendments to enable the procedure by the end of the year, he told Moneycontrol during the event.

Mint. The complaint has also been marked to several senior officials of the civil aviation ministry and DGCA including the civil aviation minister as well as the aviation secretary.

banks to look at organising a non-resident Indian (NRI) week in January, aligning with the annual Pravasi Bhartiya Divas, to attract more capital from NRI investors and also understand their issues and provide an instant redressal forum. As per the latest data from the Reserve Bank of India (RBI), NRI deposits increased to $2.14 billion in the first quarter of this financial year from $349 million a year ago. «We have made a suggestion to the banks. A conclave like this can be held in Gujarat International Finance Technology (GIFT) City, but it is for the banks to work out the details.