Gujarat Urban Development Company Limited (GUDC), on behalf of the Government of Gujarat (GoG), and Infrastructure Leasing & Financial Services (IL&FS) are jointly developing Gujarat International Finance Tec-City (GIFT), a globally benchmarked International Finance City including a multi-services Special Economic Zone (SEZ) with a provision for International Finance Services Centre (IFSC)

GUDC and IL&FS have entered into a Joint Venture Agreement for the development of the GIFT Project and have incorporated a company, Gujarat International Finance Tec-City Company Limited (GIFTCL) with equal equity participation from GUDC and IL&FS

The project is being developed on an area of 359 hectares near Gandhinagar and when fully built it would have 62 mn sq. ft. of commercial, residential and social real estate. The project entails development of a new city with futuristic planning, modern infrastructure ICT and operational practices of global standards. The IFSC within GIFT provides specific regulatory enablers for the capital market players, offshore banking and insurance players to locate their operations in GIFT City

Further, as a co-developer in the Project, IL&FS Urban Infrastructure is developing 7.77 million square feet of built up space in GIFT City and has already completed construction of GIFT One and GIFT Two buildings, each admeasuring 0.8 million square feet