India markets close in 4 hours 29 minutes

GIFT City SEZ: 18 IT, ITes cos apply to set up shops

New Delhi, Mar 19 (PTI) Companies are rushing to set up their base in GIFT City's multi-services SEZ, which also houses the International Financial Services Centre (IFSC), with 18 IT and IT enable services (ITes) companies applying for setting up units.

The new applicants are mainly from sectors such as IT software development, mobile app development, offshore design, big data analytics, digital marketing, digital consulting, BPO or KPO and recruitment services.

In a statement, GIFT City said as many as 18 new applications for setting up SEZ units have been received on March 16 in the ready-to-move plug and play offices at GIFT SEZ.

GIFT SEZ is facilitating approvals on a fast-track basis to get the units started before March 31, 2020.

With sunset clause for Special Economic Zones (SEZs) coming into force from April 1, 2020, the GIFT SEZ plug and play ready offices along with high quality infrastructure at competitive cost has attracted large number of companies.

Considering the rush to set up units, Development Commissioner, GIFT SEZ has decided to hold one more unit approval committee meeting on March 24, 2020 to accommodate demand for new units, it said.

GIFT SEZ is one of the fastest growing services SEZ, with 180 approved units having total services exports of around Rs 3,740 crore till February in the current financial year. The multi-services SEZ is already host to leading companies for their centres, two international exchanges -- one by BSE and other by NSE, 13 leading banks, 17 insurance entities and many more diversified companies engaged in export of services.

'The world class infrastructure at very competitive cost is making GIFT SEZ a most preferred destination for services sector,' GIFT City MD Tapan Ray said.

A K Chaudhary, Development Commissioner at GIFT SEZ said, 'GIFT SEZ has been the fastest growing SEZ in the state. It has witnessed a significant growth in exports of services due to rise in foreign currency transactions.

'This has resulted in increase in Gujarat's contribution to country's exports. The office of Development Commissioner is facilitating ease of getting approvals at a fast pace for units to set up operations in GIFT SEZ.' PTI SP RVK