9 Foreign Companies Express Interest in Setting Up IIOs At GIFT City

This is aimed at attracting fresh investments, generating employment, and strengthening the financial services ecosystem.

Last month, Korean Re received approval to set up its IIO in GIFT City. It is expected to begin operations in April 2026. 

Expansion Bid

GIFT City has been undergoing expansion over the past few years. The finance smart city was originally planned to be established on 1,065 acres, and later proposed to be expanded to 3,365 acres. However, this bid was stalled due to challenges in land acquisition. 

But official sources say that the government has now been re-examining the possibilities of expansion of GIFT City. 

A senior Urban Development Department official said that the government may reconsider expansion whenever needed in the future. Sanjay Kaul, MD and CEO, GIFT City, said, “The authority to decide whether GIFT City should be expanded or not rests entirely with the State government. Only the government can take an appropriate decision [on this].”

Allocating Land

At present, GIFT City comprises 1,065 acres of land, of which GIFT City Company Ltd. owns 741 acres, while the rest is private land. Around 50% of the land has been allotted through tenders. Due to rising demand, the land available at GIFT City will be allotted by 2028.

Currently, GIFT City hosts 1,034 entities and comprises more than 27,000 employees, 25 completed buildings, and 47 under-construction buildings.

How GIFT City Was Conceived

The idea of building a technology-driven finance city near Gujarat’s capital was envisioned by Prime Minister Narendra Modi (then the Chief Minister of Gujarat). In 2007, the Gujarat International Finance Tec-City Company Ltd. was established. Inspired by international financial hubs such as Dubai and Singapore, Modi announced the project at the Vibrant Gujarat Global Investors' Summit. In 2011, along with then Union Finance Minister Pranab Mukherjee, he laid the foundation for the project.