MUMBAI: The Gujarat International Finance Tec-City Company Ltd (GIFTCL), the Gujarat government’s special purpose vehicle responsible for the development of the GIFT City, has invited global bids to develop a commercial tower spread over 754,000 sq ft in the processing area of the special economic zone.
Bidders can be a domestic or international company, a consortium or a joint venture. As a co-developer of the project, the selected bidder will be required to design, finance, develop, construct, operate and maintain the commercial tower.
The land for the project will be allotted on a leasehold basis for 99 years. The lease deed will be executed only after completion of the construction, which has to be done in five years.
The bidder is expected to hold an average annual turnover of at least Rs 322.49 crore over the last three consecutive financial years before the bid due date. It is expected to also have a net worth of at least Rs 161.24 crore in the financial year preceding the bid due date, according to the document seeking proposals.
In terms of technical capability, in the last six years, the bidder must have completed at least one project of commercial, residential, institutional, or mixed-use buildings, or parking structures with a minimum size of half a million sq ft and height of 40 meters. At an aggregate level, the bidder needs to have completed a combined construction area of at least 3.77 million sq ft during this period.
A pre-bid meeting will be held on December 27 and the deadline for the submission of financial bids is January 31. The bids will be opened on the same day.
The selected bidder can lease or sub-lease the units, built-up space, or premises in the project to entities directly engaged in activities such as banking, insurance, brokerage, asset management, commodity market, capital market, IT/ITeS, financial services, or any other services authorised by the International Financial Services Centres Authority (IFSCA) or the SEZ authority.
These entities are expected to hold formal approval letters from the IFSCA, authorising them to set up units and undertake operations.
Located between Ahmedabad and Gandhinagar, GIFT City is the first operational international financial services centre in India. To facilitate single-window clearance, the government has established the IFSCA to regulate all financial services in IFSCs in Gandhinagar.
GIFT City has been fast emerging as a financial hub. It is already home to more than 500 entities including aircraft and ship leasing as well as fintech companies, banks, fund houses, stock exchanges and India’s first bullion exchange. Global technology companies such as Google, IBM and Oracle also have offices there.
