GIFT City


Gujarat International Finance Tec-City also called GIFT City, is a central business district under construction in the Gandhinagar district as a suburb city of Gandhinagar-Ahmedabad Metropolitan Region in Gujarat, India. It is India's first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project. In 2020 GIFT IFSC bagged 10th place in Finance Industry and top rank in emerging financial centres in the Global Financial Centres Index. In 2025, GIFT City secured the top rank in reputational advantage, ranked 40th in fintech, and achieved an overall ranking of 46th in the Global Financial Centres Index.
The city is located on the banks of the Sabarmati River and is around from Sardar Vallabhbhai Patel International Airport. The city is designed so residents can walk to work, and includes commercial, financial and residential complexes. The city is connected through 4-6 lane state and national highways. The area is also served by the GIFT City metro station, connecting GIFT City to the Ahmedabad Metro network. The total area for the development of GIFT is out of which the special economic zone constitutes. The project area under development can hence be classified under the SEZ area and the non-SEZ area.
Leadership at GIFT City has also evolved with its expansion. In July 2025, Sanjay Kaul was appointed as the new Managing Director and Group CEO.
During the meeting with top management of HSBC Plc, FM Nirmala Sitharaman outlined the roadmap towards Viksit Bharat, towards Atmanirbhar Bharat, sustainability, innovation, adoption of Artificial Intelligence and inclusivity. GIFT IFSC, international financial services centre, is in Gandhinagar Gujarat.
The AI Centre of Excellence at GIFT City is aimed at creating a unified platform that brings together solution developers, experts, professionals, and start-ups under one roof, said Shri Bhupendra Patel at the time of the launch of Infosys Development Centre at GIFT City.
Several multinational banks including JP Morgan, Standard Chartered, Deutsche Bank, Citibank, HSBC. Barclays Bank, Bank of America, DFCC Bank, Qatar National Bank have set up IFSC Banking Units here. Furthermore, it includes 35 fintech entities, two international stock exchanges with average daily trading volumes of $30.6 billion, as well as India's first international bullion exchange with 75 onboarded jewellers. With the opening of the first campuses of two Australian universities on 7 November 2023 in the presence of Indian counterpart Dharmendra Pradhan and Australian Education Minister Jason Clare, GIFT City is beginning to establish itself as the centre of foreign universities in the nation.

Etymology

The name "GIFT" is an acronym that stands for "Gujarat International Finance Tec-City". The word "Gujarat" refers to the western Indian state where the city is located. "International" signifies that the city is intended to be a global hub for financial and business services, attracting businesses and investors from around the world. "Finance" highlights the primary focus of the development, which is to create a world-class financial centre."Tec-City" stands for "Technology-based SEZ".

History

On 15 December 2011, The Economic Times reported city officials in GIFT were inviting companies from Singapore that wished to expand but could not do so due to a lack of land in Singapore to open their businesses in GIFT. Investments from banks, private equity companies, insurance companies and asset management companies were considered.
On 26 December 2011, The Times of India reported China's technology giant Huawei was likely to provide technology to GIFT. According to Eric Yu, president, of enterprise business of Huawei India, this technology included networks, data centres and surveillance.
On 2 October 2014, NetIndian reported a new World Trade Centre would be set up in GIFT City as per an agreement between the World Trade Centre India Services Council and GIFT City Ltd. It would be completed within four years.
BSE Broker's Forum planned to invest to build a commercial tower to set up back-office operations. They were allocated to develop the commercial tower with the likelihood of setting up an exchange office.
According to The Times of India on 18 October 2014, the Bangalore-based Brigade Group would invest over the next few years to develop of built-up area with a future option of investing another to develop.
In November 2018, The Wire reported the Government of Gujarat State would buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services in the GIFT City to minimize delays to the project. In June, 2020, IL&FS concluded sale of its stake in GIFT-City for equity value to the state government.
According to Business Standard, OPS Fund Services, a subsidiary of OPS Global, Singapore, received a license to open in the International Financial Service Centre at GIFT city.
On 5 December 2019, Business Standard reported that Bank of America opened a Global Business Services Center at GIFT.
On 6 January 2020, Accor opened the first international hotel in GIFT City.
On 20 January 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market.
In July 2022, JPMorgan Chase, Deutsche Bank and Mitsubishi UFJ Financial Group opened new offices at the International Financial Services Centre. Prime Minister Narendra Modi formally opened Singapore Exchange's futures trading operation "Nifty", and India's first international bullion exchange was opened.
In January 2025, Technip Energies started its operation in Fintechone tower.

Implementation

Construction timeline

Major construction events in GIFT City, Gujarat, India:
Timeline

2007:
  • The Gujarat International Finance Tec-City project is announced by the Government of Gujarat as an ambitious plan to develop a world-class financial and business district in Gujarat.
  • Construction of GIFT City begins.
2008:
  • Land acquisition for the GIFT City project begins. The government acquires about of land near Gandhinagar, the capital of Gujarat.
  • The project receives approval from the Union Cabinet, which marks the formal beginning of the project.
2009:
  • GIFT SEZ area is notified.
2010:
  • Construction begins on the first phase of the GIFT City project, which includes the development of basic infrastructure such as roads, water supply, drainage, and sewage systems.
  • The first tower, called GIFT One, is inaugurated. The 29-storey building is built by the IL&FS group and serves as the headquarters for many financial companies.
2012:
  • The first phase of the GIFT City project is completed, which includes the development of basic infrastructure and the construction of the GIFT One tower.
  • GIFT City is formally inaugurated by then-Prime Minister of India, Dr. Manmohan Singh.
  • GIFT City's first operational bank, Bank of Baroda, begins its operations.
2013:
  • Construction begins on the second phase of the GIFT City project, which includes the development of more office buildings, residential apartments, and social infrastructure such as schools, hospitals, and retail spaces.
  • The GIFT SEZ is notified by the government, which allows companies operating within the zone to enjoy tax and other benefits.
  • GIFT City's first IFSC tower, GIFT One Tower A, is inaugurated.
2014:
2015:
  • The second phase of the GIFT City project is completed, which includes the development of more office buildings, residential apartments, and social infrastructure.
  • The first IFSC tower, called GIFT Two, is inaugurated. The 28-storey building is built by the IL&FS group and serves as the hub for international financial services companies.
  • Construction of GIFT City's first data centre, owned by Netmagic, is completed.
2016:
2017:
  • Construction begins on the third phase of the GIFT City project, which includes the development of more office buildings, residential apartments, and social infrastructure such as parks and open spaces.
  • The GIFT SEZ is granted formal approval by the government, which enables companies operating within the zone to enjoy more benefits and incentives.
2019:
  • The third phase of the GIFT City project is completed, which includes the development of more office buildings, residential apartments, and social infrastructure.
  • The second IFSC tower, called GIFT Three, is inaugurated. The 30-storey building is built by the IL&FS group and serves as a hub for international financial services companies.
2021:
  • Construction begins on the fourth and final phase of the GIFT City project, which includes the development of a retail and entertainment zone, a convention centre, and residential towers.
  • The GIFT City project is awarded the "Smart City of the Year" award by the National Institute of Urban Affairs, which recognizes the city's innovative use of technology, sustainability, and urban planning.
2023:
  • Google to open global fintech operation centre at GIFT City
  • SGX Nifty was renamed as GIFT Nifty and started its trading operation from Gift City from the date 3 July 2023. It is a collaboration of Singapore Exchange and NSE India.
2024:
2025:
  • Coventry University has received in-principle approval to open a campus in GIFT City, expected to start academic sessions in 2026.
  • Cognizant launched a 600-employee TechFin Centre in GIFT City, serving as a hub for BFSI sector technology solutions for global clients.
  • S&P Global Ratings Singapore PTE becomes 1st foreign credit rating agency to set up base in GIFT City.
  • Founder and CEO of TNBG Capital Advisors writes about how GIFT City is a gateway for global funds.
  • Direct equity listing began in GIFT City with XED Executive Development Ltd filing the first DRHP with NSE-IX and India INX.
  • Highlighting social life at GIFT City. Navratri celebrations that have been hosted by GIFT City since years and how it has been in spotlight for all artists and players alike Gujarat International Finance Tec-City is positioning itself as India’s gateway to global finance, with the potential to unlock a USD 500 billion opportunity, senior regulators and bank executives said at the second Gift International Banking Forum 2025.
  • XED, a global education technology firm focused on executive programmes with leading universities, is preparing to raise $12 million through an initial public offering at the International Financial Services Centre in Gujarat International Finance Tec-City.
  • Tata Asset Management opened its branch in International Financial Services Centre in September 2025 and said it is exploring opportunities to relocate $1.6 billion of its offshore funds from Mauritius and Luxembourg to GIFT City in Gujarat