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The Gujarat government, through its special purpose vehicle Gujarat International Finance Tec-City Company Ltd (GIFTCL), has invited global bids to develop a 754,000 sq ft commercial tower in GIFT City's special economic zone. The selected bidder will act as a co-developer, handling the project's design, financing, construction, operation, and maintenance on a 99-year lease. Eligibility criteria include a strong financial track record and prior experience in large-scale construction projects. Located between Ahmedabad and Gandhinagar, GIFT City has grown into India's leading international financial hub, hosting over 500 entities, including global tech firms and financial institutions.
The Gujarat International Finance Tec-City Company Ltd (GIFTCL), a special purpose vehicle established by the Gujarat government, has called for global bids to develop a commercial tower spanning 754,000 sq ft within GIFT City's special economic zone (SEZ). This project forms part of the state's ongoing efforts to strengthen GIFT City's position as a leading financial hub. Advertisement
The bidding process is open to domestic and international companies, as well as consortiums or joint ventures. The selected bidder will act as a co-developer, tasked with designing, financing, constructing, operating, and maintaining the tower. The land for this project will be allotted on a leasehold basis for 99 years, with the lease agreement signed after the construction, which must be completed within five years.
Financially, bidders are required to demonstrate an average annual turnover of at least INR 322.49 crore over the last three consecutive financial years before the bid deadline and a net worth of INR 161.24 crore in the financial year prior to submission. On the technical front, they must have completed at least one project of commercial, residential, institutional, or mixed-use buildings'or parking structures-spanning at least 500,000 sq ft and 40 metres in height within the last six years. Additionally, the bidder should have completed a cumulative construction area of at least 3.77 million sq ft over the same period.
The pre-bid meeting is scheduled for later this month, and financial bids must be submitted by the end of January. The selected co-developer will have the option to lease or sub-lease units within the tower to businesses engaged in sectors such as banking, insurance, capital markets, IT, financial services, or other activities authorised by the International Financial Services Centres Authority (IFSCA) or the SEZ authority. Businesses leasing space must hold formal approval from IFSCA to operate within GIFT City.
Strategically located between Ahmedabad and Gandhinagar, GIFT City is India's first operational international financial services centre. To streamline approvals, the government has established the IFSCA as a single-window regulatory authority.
Over the years, GIFT City has gained prominence as a financial and technological hub. It is home to more than 500 entities, including aircraft and ship leasing companies, fintech firms, fund houses, banks, stock exchanges, and India's first bullion exchange. Global tech giants like Google, IBM, and Oracle have also established offices in the city, underlining its significance as a business and financial ecosystem.
GIFT City's latest bid to develop a commercial tower reflects its ambitious vision of becoming a global financial hub. The stringent selection criteria ensure the project attracts reputable developers with proven expertise. By fostering an ecosystem conducive to diverse financial and technological services, GIFT City has solidified its position as a leader in international financial services within India. With over 500 organisations already operating in the city, this project marks another step in its ongoing expansion and underscores its potential to drive economic growth in the region.
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